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Bitcoin Overbought Indicator Reaches 2017 Level
Bitcoin Metrics Reach Crypto Rally Values Four Years Ago
Bitcoin may still continue its extreme growth
Long Term Bitcoin Holder Still Bullish
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The bitcoin market value to actual ratio (MVRV) index has reached the values recorded during the 2017 rally. According to indicators from lookintobitcoin.com, the MVRV index, also known as an overbought indicator, crossed the 5 mark, gaining a foothold at 5.44.
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Every time the index values reached the red zone, Bitcoin experienced a significant correction. However, judging by the chart, the cryptocurrency is still far from such a reversal..
Warm up before the snatch
The last time the overbought indicator of the leading cryptocurrency showed such values was back in December 2017. It is worth noting that at the same time, upon reaching this level, BTC managed to soar in price tenfold, entering the red overbought zone.
At the same time, back in December 2020, the BeInCrypto editorial staff reported that the Long Term Holder (LTH-MVRV) indicator, which takes into account long-held assets, is located in an extremely bullish trend range. At the same time it was reported that while the indicator is far from this zone, even despite overcoming the historical highs of 2017.
Read also: Bitcoin will grow 300% in 2021 – Tom Lee
Recall that the MVRV Index was created by analysts Murad Makhmudov and David Puel to compare the market value of bitcoin with the realized one by dividing one indicator by another..
Meanwhile, Bitcoin has hit its all-time high again, hitting $ 35,879. The cryptocurrency continues to target $ 39,000, despite signs of weakness on short-term charts. Where the price of BTC will move next – read in a special material from BeInCrypto.
At the time of this writing, the price of bitcoin in the BTC / USDT trading pair is $ 34,338.
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