Bitcoin has been on a rollercoaster this week. After plunging to a minimum of $48,934 on Monday (5), it recovered this week's losses on Friday (9) and rebounded to fluctuate around $60,000.
However, although Bitcoin has temporarily recovered its losses, since hitting a record high of $73,000 in March, Bitcoin has always lacked upward momentum, making the market wonder whether we are still in a bull market?
Analyst: MVRV indicator shows Bitcoin hasn’t peaked yet
In this context, Juan Pellicer, an analyst at blockchain analysis company IntoTheBlock, pointed out that the MVRV indicator, used to measure the ratio of Bitcoin market valuation to realized value, is currently 1.76, which means that Bitcoin has not yet been overvalued, implying that Bitcoin and Other cryptocurrencies have yet to hit bull market peaks:
Most cryptocurrencies have not yet touched their all-time high valuation range. For example, Bitcoin’s highest MVRV indicator this year reached around 2.64, while in the previous bull market, this data reached 3.68.
Bitcoin will not plummet again in the short term
In addition, foreign media "BeInCrypto" also reported that from a technical point of view, Bitcoin may not experience a sharp collapse like this Monday in the short term, because the BOP (Balance of Power) indicator that measures market buying and selling power is showing A signal to buy in the market.
PlanB: We entered the bull market too early
Regarding the current market problems, PlanB, an anonymous analyst known for creating the Bitcoin Stock-to-Flow Ratio Model (S2F), posted an article on social platform Entering a bull market:
In my opinion, the problem with the current Bitcoin market is that it entered a bull market too early.
Usually, Bitcoin halving occurs during the market accumulation stage, but with the halving in April this year, Bitcoin has entered a bull market. So we went too fast and the market wasn't ready to go higher.
