According to the latest reports, it seems that Bitcoin bottomed back in November 2022. Check out the latest analysis that revolves around the price of Bitcoin.
At the moment of writing this article, BTC is trading in the red, and the king coins is priced just bit over $22k.
Bitcoin price bottomed back in 2022
Bitcoin bottomed back in November last year, according to the latest reports about the price of the most important digital assets out there.
As the online publication Blockworks notes, it seems that there are hopeful signs emerging for the crypto industry mid-term as on-chain metrics for bitcoin suggest the world’s largest digital asset by market value may have hit its bottom in late 2022.
“Those include the Market Value to Realized Value Ratio (MVRV) and the Net Unrealized Profit and Loss metric (NUPL), both of which flashed a trend reversal following FTX’s collapse in November.”
The same notes reveal the following:
“The rally in digital assets, represented by the price increase in bitcoin (BTC), as well as ether (ETH) this year, is reinforcing that play. Both assets are up 35% and 30% on a year-to-date basis, trading at $22,450 and $1,550, respectively, Blockworks Research data shows.”
According to the data provided by CryptoQuant shows MVRV hit its lowest point on Nov. 9. This is right around the time revelations came to light that FTX had allegedly misappropriated user funds, at a reading of 0.75.
According to the same publication, it seems that the MVRV ratio is a metric used to determine whether an asset, in this case, bitcoin, is undervalued or overvalued.
We suggest that you check out the original article in order to learn more details about all this.
Regarding the projections for Bitcoin’s price, there are all kinds of optimistic prediciotns that involve the king coin and other important digital assets for the years to come.
