Sanitment, an on-chain analytics company, claims that Bitcoin, Ethereum, and other altcoins are currently “underbought” in light of the MVRV divergence.
These crypto assets have reportedly hit the historic MVRV level, according to the on-chain analytics firm, at which a price turnaround to reverse recent losses may be expected, however it is difficult to forecast when this will happen.
According to Glassnode, there are currently several floor formation indicators flashing for BTC. To determine a bear market floor for BTC, however, all theories and historical precedents may be put to the test given the current macroeconomic environment.
It is still challenging to identify the adverse market bottom at this moment, despite the fact that all macro indices for BTC, from technical to on-chain, are at record lows and correspond with the formation of the bear market floor in prior cycles.
Cryptoanalyst and economist Alex Kruger believes that Bitcoin might have capitulated during the market slump two weeks ago. The analyst underlined the fact that trading volumes reached their peak at this time, indicating capitulation, which produces significant bottoms.
According to on-chain analytics company IntoTheBlock, small Bitcoin holders are still aggressively accumulating. BTC addresses that own less than 1 BTC have been accumulating their holding in 2022 at an impressive rate, adding 113,884 BTC.
According to Glassnode data, this group of holders has seen a surge recently, reaching a new high. According to the blockchain data firm, there are currently 3,662,897 addresses holding more than 0.1 Bitcoin.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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