cryptd.in

另类 LinkedIn 适合加密人才

Don’t Call Bitcoin Bottom Just Yet, CryptoQuant Head Says: Here’s Why

-

由

cryptd.in
于

The Head of Research at CryptoQuant has revealed why it may be too early to call a bottom for Bitcoin, based on the trend in on-chain data.

Bitcoin MVRV Z-Score Has Plunged Under Its 365-Day MA

在新的 邮寄 on X, CryptoQuant Head of Research Julio Moreno has talked about why Bitcoin may not have reached a bottom yet. “All valuation metrics are in correction territory,” notes the analyst. “It can take more time.”

An indicator that Moreno has cited as an example of this trend is the Market Value to Realized Value (MVRV) Z-Score. This metric basically tells us about how the market cap of the asset compares against its realized cap.

The “realized cap” is an on-chain capitalization model that calculates the total value of the BTC supply by assuming that each token in circulation has its ‘true’ value equal to the spot price at which it was last transacted on the blockchain.

In other words, the realized cap sums up the cost basis of the cryptocurrency’s supply. As such, the model can be interpreted as a measure of the total amount of capital the investors as a whole have put into BTC.

Since the MVRV Z-Score compares the market cap, which represents the value the investors are holding right now, against this initial investment, it tells us about the profit-loss status of the cryptocurrency’s user base.

The MVRV Z-Score is similar to the popular MVRV Ratio, but where it differs from the latter is that it also applies a standard deviation test to pull out the extremes from the data.

Now, here is the chart shared by Moreno that shows the trend in the Bitcoin MVRV Z-Score, as well as its 365-day moving average (MA), over the last few years:

Bitcoin MVRV Z-Score

As displayed in the above graph, the Bitcoin MVRV Z-Score has recently witnessed a sharp decline. The reason for this drawdown naturally lies in the crash that the asset’s price has just gone through, which has put many investors into a state of loss.

Despite the plummet, though, the metric remains above the zero mark. Below this level, the overall market enters into a state of loss, so the boundary has historically proven to be an important one for the cryptocurrency.

An important level that the metric has indeed lost, however, is the 365-day MA. As the analyst has highlighted in the chart, past breakdowns of the line have generally led to notable periods of struggle for the Bitcoin price.

It only remains to be seen how long BTC would have to stay under the level this time around, before its price reaches a bottom.

BTC 价格

At the time of writing, Bitcoin is floating around $86,300, down more than 11% over the last seven days.

Bitcoin Price Chart

评论

发表回复

您的邮箱地址不会被公开。 必填项已用 * 标注

最新信息

热门类别

zh_CN 简体中文
zh_CN 简体中文 en_US English ro_RO Română et Eesti ko_KR 한국어 ja 日本語 ru_RU Русский de_DE Deutsch es_ES Español fr_FR Français zh_TW 繁體中文 pt_PT Português it_IT Italiano pl_PL Polski tr_TR Türkçe nl_NL Nederlands id_ID Bahasa Indonesia el Ελληνικά uk Українська bg_BG Български cs_CZ Čeština fi Suomi hu_HU Magyar lv Latviešu valoda lt_LT Lietuvių kalba nb_NO Norsk bokmål sk_SK Slovenčina sl_SI Slovenščina sv_SE Svenska

搜索网站

热门故事

标签

#AlexeyPertsev (1) #BidenCryptoBan (1) #BidenElection (1) #BinanceVsCoinbase (1) #Bitcoin (377) #BitcoinETF (3) #itcoinFundamentals (1) # 比特币处理 (1) # 比特币价格 (5) # 比特币价格水平 (1) #BitcoinPump (1) #BitcoinReserve (1) #BitcoinSurge (1) #itcoinTop (1) #Bitfinex (1) #Bitwise (1) #BracebridgeCapital (1) #BRC20Tokens (1) #BTC 收购 (1) 1TP5 看涨预测 (1) #BullishSentiment (1) #C 中国矿业 (1) #CPIPreview (1) #CryptoAsset (2) #CryptoBattle (1) #CryptoBoom (1) #CryptoExpert (1) #CryptoInsights (1) #CryptoMania (1) #CryptoMarket (4) #CryptoPrediction (1) #CryptoPredictions (1) #CryptoRegulation (2) #CryptoTakeoff (1) #CryptoTiming (1) #CryptoTips (1) #CryptoTreasury (1) #CryptoUncertainty (1) #DerivativeJump (1) #Dogecoin (65) #ogecoinGains (1) #ogecoinVolume (1) #DutchCourt (2) #ECommerce (1) #El萨尔瓦多比特币 (1) #E以太坊 (64) #EthereumPain (1) #E以太坊价格 (1) #ExpertOpinion (1) #FedRateCut (1) #FiatCurrency (1) #F 财务影响 (1) #F 财务隐私 (1) #FirmShutdown (1) #FrozenAccounts (1) #IllicitFunds (1) #InflationData (1) #Investment (1) #InvestmentLoss (1) #JapaneseFirm (1) #L LegalAction (1) #L 法律影响 (1) #Legislation (1) #LightningNetwork (1) #M 市场分析 (3) #M 市场监测 (1) #M 市场预测 (1) #M 市场预测 (1) #M 市场投影 (1) #M 市场支持 (1) #M 市场波动性 (1) #M 婚姻 (1) #MemeCoin (5) #MemeCoins (2) #Miner 盈利能力 (1) #M 洗钱 (2) #MtGox (3) #朝鲜加密货币 (1) #诺沃格拉茨预测 (1) 1TP5价格里程碑 (1) #P 价格预测 (2) 1TP5价格问题 (1) #PriceSurge (1) #PrisonSentence (1) # 量化分析 (1) #R 监管压力 (1) #SECA Anti-Crypto (1) #ShibaInu (5) #SocialBuzz (1) #T 技术分析 (1) #Toncoin (3) #T 龙卷风现金 (3) #T 龙卷风现金发展项目 (1) #T 龙卷风现金开发者 (1) #UKCrypto (1) #UpsidePotential (1) #USCongress (1) #WyomingLand (1) #XRPPrice (1) #XRPupswing (1)

实用链接

我发现了一些有用的链接，希望与大家分享。