BTC, which traded around $42,000 earlier this week, is currently trading above $47,000. Glassnode shows a significant increase in the MVRV ratio to 2.06, giving a hint about the beginning of the bull market. Famous crypto analyst Michaël van de Poppe says that Bitcoin (BTC) has successfully escaped the downward trend. Additionally, it creates optimism in the cryptocurrency market by stating that the bull trend has begun.
MVRV indicates a bullish trend for Bitcoin
Leading Blockchain data analysis platform Glassnode says the MVRV ratio has increased significantly at 2.06. Accordingly, it gives a clue about the beginning of the bull market. In simple terms, this range marks a risky period often seen at the beginning of bull markets. The analytics platform shares the following assessment accompanied by a chart:
After the difficult recovery since the collapse of FTX, this indicator increased to 2.06 and entered the High Risk regime. These levels are typically seen in the early stages of bull markets as long-term investors return to a relatively meaningful level of profitability.
As the MVRV ratio shows, long-term investors are now witnessing meaningful profitability. This pattern is often observed in the early stages of bull markets.
Analyst: This is a bull market! Target is 55 thousand dollars
Popular crypto analyst Michaël van de Poppe also shared his views on the current state of Bitcoin. The analyst points out that there is a bullish trend in the market. cryptokoin.comAs you follow from , Bitcoin tested over 48 thousand dollars during the day. Van de Poppe predicts a potential rise to $55,000 before the upcoming halving event. In this context, the analyst says:
Bitcoin is back to $47.3k. At this rate, we will probably see $55 thousand before the halving. Visible resistance at $49-51 thousand for the coming period. This is a bull market.
Catalyst behind Bitcoin rally: Spot ETFs
This optimistic outlook by Michaël van de Poppe is in line with his previous predictions. Additionally, the analyst predicts that upward momentum will increase further as Bitcoin continues its trajectory. Van de Poppe’s views extend beyond short-term gains. He attributes Bitcoin’s potential to surpass $250,000 to significant inflows from exchange-traded funds (ETFs). In this regard, the analyst makes the following statement:
Inflows into Bitcoin ETFs were $1.8 billion in the first few weeks. This is higher if you reduce Grayscale’s output with FTX’s forced liquidations. The beginning of a bull cycle and a Bitcoin price of more than $250,000 is possible.
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