Crypto analyst Benjamin Cowen says one on-chain indicator suggests Bitcoin (BTC) could be on the verge of entering an accumulation phase.
Cowen tells his 754,000 YouTube subscribers the market value to real value Z-score (MVRV Z-score) has a “fairly decent track record” of identifying accumulation zones for Bitcoin.
The MVRV Z-score compares an asset’s market value to its realized value and is used to detect overbought or oversold conditions. It is calculated by taking the market cap, subtracting the realized cap, and then dividing by the standard deviation of the market cap.
“The point is once it goes below, say, zero, you could argue that in fact it is being reset. Once it goes below zero, we eventually find some type of a