2023 bitcoin The rally was a positive change in trend after the winter of 2022. BTC holders gained after the journey above $28,000. However, this was not limited to long-term owners. Short-term holders were also under this category.
centimentrevealed that the average returns of Bitcoin holders are in positive territory for the first time in over a year.
“Among long-term hodlers and short-term “new money,” the average return for Bitcoin jumped into positive territory for the first time in 14 months.”
Moreover, Into The Block highlighted that 72% of Bitcoin holders make money at the current price of the asset. Only 26% of them are at loss. However, does that mean the bull market is officially here? Not yet.
An Impending Market Crash?
According to another source, the MVRV indicator showed that Bitcoin has reached the end of its bear cycle. The Long/Short Divergence line has historically crossed 0, marking the end of a market cycle for Bitcoin and the start of the next bull cycle.
As seen in the picture above, the line has crossed 0. It should be noted that the price level will coincide with these important MVRV levels, as MVRV is a ratio derived from the actual price. Bitcoin spot prices are approaching the realized price level of $28,000. The market is currently trading in neutral territory of 0.5 standard deviations from the long-term average as Bitcoin prices climbed above $27,000 this week.
This showed that BTC is no longer traded at discounted prices. While Bitcoin is expected to rise in the long term, Santiment predicts a potential market crash before a prolonged bull run.
But the bull market narrative garnered more support. ChatGPT, an artificial intelligence chatbot, confirmed that the bull market is here.
#ChatGPT – Bull Market confirmed ✅ #Bitcoin pic.twitter.com/9HA4pCBk4n
— Kevin Svenson (@KevinSvenson_) March 21, 2023
As seen in the tweet above, the asset’s jump from $15,500 to $27,000 was touted as a bull market.
Koinfinans.com As we reported, at the time of writing, BTC is trading at $ 27,773, with a daily increase of 0.43%.