Analyst Ali Martinez warns BTC traders of a cautionary signal
According to the expert, this is due to the MVRV metric
13.02.2024 - 13:30
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The material is not an investment recommendation and is published for informational purposes only
What’s new? Crypto analyst and trader Ali Martinez has recorded that the increase in the 30-day ratio of the market value of the asset to the realized value (MVRV) exceeded the figure of 11,50%. According to him, judging by the trend over the past two years, this usually precedes temporary corrections in the BTC exchange rate. The expert called the rise in MVRV a cautionary signal for bitcoin traders.
What else is known? On February 12, IntoTheBlock analysts said that in the coming weeks, the bitcoin price could reach the $52 000 mark and rise above $100 000 by the end of the year. However, there was one important resistance level left to reach this goal — $48 500.
On February 13, the Fear and Greed Index crossed into the “extreme greed” zone for the first time since November 2021. The index reached the 79/100 mark amid bitcoin’s rise above $50 000.
BTC reaches its highest weekly close since December 2021
The dominance of the first cryptocurrency in the crypto market is 50%
Earlier, CryptoQuant CEO Ki Young Ju noted that historically, the crypto market’s lows are reached with MVRV at 0,75 and highs at 3,9.
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