According to the latest reports, it seems that we might not have too much time left to accumulate Bitcoin. Check out the latest reports below.
Bitcoin accumulation is about to end?
Popular crypto analyst and trader Jason Pizzino sees signs that Bitcoin (BTC) is currently in an accumulation stage.
Pizzino also said that, based on the market-value-to-realized-value (MVRV) ratio, Bitcoin may only have a few months left in the late-stage bear accumulation zone.
“We may only have five months left of Bitcoin being underneath this [MVRV accumulation] zone which in the past has called for some pretty good buy opportunities before the market starts to accumulate at higher prices, like it did in 2015 and again in 2019 and 2020 and then go on to those next bull markets.”
As the onlinepublication the Daily Hodl notes, MVRV values of below one suggest severe market capitulation and that accumulation is underway.
On whether Bitcoin is likely to fall below the 2022 low of about $15,600, the crypto analyst and trader says:
“It can be easy for many investors to be left behind because they’re expecting lower and lower prices. But a lot of the data is showing that if we haven’t hit that exact price bottom on Bitcoin, we’re probably somewhere around it.”
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $16,698.
Pseudonymous analyst Kaleo said recently that the S&P 500 (SPX) needs to take out a key resistance level to kick off a rally.
According to the analyst, a burst to the upside for the SPX could also mean bullish moves for Bitcoin and crypto.
“I’m still looking for a reclaim of ~3,900 for SPX as a solid long trigger for a move up to the August highs of ~4,300. Expecting Bitcoin and the broader crypto market to rally with it.”
