Bitcoin's MVRV-Z Score hints at an inbound trip to $15,600, warns filbfilb.
) needs to go lower before putting in a macro bottom, one of the market’s most accurate indicators shows.shows Bitcoin’s MVRV-Z Score is almost — but not quite — signaling a price reversal.whether if, or when, BTC/USD will go beyond its current macro lows of $17,600, new figures suggest that the market easily has further to fall.
MVRV-Z measures how high or low the Bitcoin spot price is relative to what is referred to as its “fair value.” It uses market cap and realized price data along with standard deviation to create what has turned out to be one of the most efficient Bitcoin top and bottom prediction tools. MVRV-Z has caught every macro top and bottom on BTC/USD in its history, and done so with an accuracy of two weeks, data resourceThe metric has only gone below its green zone a handful of times, the last being in March 2020, but more downside pressure would deliver a repeat performance.“We normally bottom when MC$15,600 would tie in withIn an update to Twitter followers at the weekend, meanwhile, popular account CryptoBullet included that area as one of several important support zones to watch.
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