CryptoQuant analyst said that a short-term correction may come in Bitcoin (BTC).
On-chain analysis platform CryptoQuant analyst crypto sunmoon attracted attention with his post dated February 29. MVRV Based on the data, the analyst stated that historically, Bitcoin tested two different peaks.
Chart of today’s bullish cycle as A and B The analyst, discussing which of the cycles he named is more similar to the cycle he named, soon finds that if the answer is A, a correction He emphasized that he could come.
In its current state, MVRV is in decline for the first time since the bear market. exceeded 2.1 Hinting that it is more similar to scenario A, the analyst said that history may repeat itself:
Is Bitcoin in a different cycle than in the past? In the approximately four-year Bitcoin market cycle, two peaks have formed according to the MVRV indicator. A minor bull market peak (A) and a Major bull market peak (B), where MVRV rises above 2.1 for the first time since the bear market. It comes after a period of reaccumulation following a brief bull market peak. Is the Bitcoin cycle currently at A? B? If the current Bitcoin cycle is similar to past A cycles, a strong price decline is likely in the short term.
