The movement performance of the BTC(Bitcoin) MVRV Z Score shows sideways. Nice 👏
As I explained before, there have been 3 huge bullish markets. When the BTC entered bullish markets, the MVRV Z Score broke 2.0, then, collapsed to less than 1.0. So, I think the recent market condition is a sideways market. The BTC price is potential to soar more. The market overheating level depends on internal and external issues.
Next month, making decisions of spot BTC ETF(Exchange-Traded Fund) applications are waiting for us. If they are approved, the BTC price will surge, and the MVRV Z Score will follow the trend, and reach more than 3.0. However, every 3 huge bullish markets had corrections of the MVRV Z Score after increasing more than 2.0. So, be cautious about the correction. But, I think this time requires the patience for crypto investors.
If you can't hold, you won't be rich. - CZ -
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