Bitcoin is gathering the pieces for a return to bull market conditions, argues dpuellARK.
That perspective chimes with others calling for calm over current BTC price performance.Among them is popular analytics account Dilution-proof, which on the day drew attention to BTC/USD simply copying previous bear market behavior.
Evidence came in the form of Bitcoin’s MVRV-z score — an expression of market cap to realized cap in standard deviations. Dilution-proof initially called the metric"Market-Value-to-Realized-Value Temperature ." Currently, accompanying charts showed, signs point to a classic bear market bottom formation, Dilution-proofBitcoin Market-Value-to-Realized-Value Temperature chart. Source: Dilution-proof/ TwitterMVRV-z in a list of"striking similarities" between 2022 and past price cycles.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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