After 216 days, the Bitcoin Market Value to Realized Value (MVRV) ratio finally broke above 1, making this accumulation the second longest after it took BTC prices 300 days to bottom up after the bear run of 2014-2015. It also signals the likelihood of another refreshing BTC rally after gains of last week.
Bitcoin’s MVRV Breaks Above 1
The breakout coincided with BTC prices surging to as high as $23,300 on Saturday, January 21, a positive development, especially for optimistic holders.
As of writing on January 22, prices have cooled off, and the coin is trending at around $22,700, albeit with relatively low trading volumes. Still, the retracement puts BTC within a bullish formation following impressive gains on January 20 when the coin printed