Can the average cost basis, current trends, and MVRV metrics reveal when the next bull run will charge into the crypto arena?
bull runs, typically triggered when the price reaches a specific threshold based on certain metrics. According to the post, this threshold was typically when the price surpassed the average cost basis of Bitcoin holders with a track record spanning six months to three years.
The chart highlighted in the post indicated that the current cost basis for Bitcoin was approximately $33,755. The average cost basis is a crucial metric that signifies the average price at which Bitcoin holdings have been accumulated over a period. To compute it, one adds the total amount spent on purchasing Bitcoin and then divides this figure by the total quantity of BTC owned.investment and guiding decisions regarding the buying or selling of BTC. It naturally directs focus toward the prevailing price trend as well.traded at around $25,800 when analyzed on a daily timeframe chart.
Examining the historical price trend over the same timeframe revealed that the highest price it had reached throughout the year was approximately $31,000. This observation suggested that, so far this year, the price has yet to manage to reach the cost basis highlighted in the earlier post.Additionally, it was evident that the declining price trend had led to the short-moving average trending downward.
The 365-day MVRV indicated a potential for profitability at 4.2%. However, the 180-day and two-year MVRV ratios revealed losses. Specifically, the 180-day MVRV stood at approximately -8%, while the two-year MVRV was around -11%.Except for the 180-day MVRV, these metrics were in sync with the prevailing bearish trend in Bitcoin’s performance. They highlighted how profitability in these metrics could serve as an indicator for an impending bull run.
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