Crypto firm Messari founder and CEO Ryan Selkis said that on-chain signals are flashing a buy signal for Bitcoin. Check out the latest reports below.
Bitcoin massive accumulation phase
During an interview with the financial publication Barron’s, Selkis says that the Market Value to Realized Value (MVRV) indicator is suggesting the fact that investors are in the early days of a long-term accumulation phase, exhibiting behavior that’s similar to when it bottomed out in previous bearish cycles.
“An MVRV that hits 3 has meant ‘sell right now’ and a MVRV below 1 has meant ‘start accumulating’ for crypto’s entire history for Bitcoin. Where are we now? January 2015. December 2018. i.e., Sell-a-kidney-to-buy-more territory.”
MVRV is a ratio of the market capitalization of an asset relative to its realized capitalization and is used to assess whether an asset is priced above or below the fair value, as the online publication the Daily Hodl notes.
As the same online publication mentioned above notes, Selkis said that other bullish catalysts for Bitcoin included the halving scheduled for the first half of 2024 as well as Bitcoin’s neutrality and global acceptability.
“Bitcoin is in a historic ‘buy’ range in terms of MVRV – only seen three times in the past decade: January 2015, December 2018, and March 2020.”
He continued and said this:
“We’re also 18 months out from the halving, and bitcoin is the only crypto considered an ‘outside money’ candidate for USD reserve skeptics.”
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 $16,597.
Bitcoin upcoming rally is around the corner
An analyst and trader known for calling the crypto market collapse of May 2021 said that Bitcoin (BTC) is now flashing historical signs of a new bull run.
The pseudonymous trader known as Dave the Wave said recently that Bitcoin’s moving average convergence divergence (MACD) indicator is at a level that in the past led to fresh bull runs.