Crypto News
Is the Bitcoin Bull Market Over or Will It Continue? Analysts Use New Metric to Evaluate
CryptoQuant, a prominent cryptocurrency analysis firm, recently offered its perspective on the current state of the Bitcoin market.
Over the past two years, the Bitcoin market has seen a significant surge, impacting the prices of other cryptocurrencies. This period has shown more promise compared to the bear market in 2021 and 2022.
To assess the current state of the Bitcoin market, CryptoQuant analysts utilized the 60-Day Realized to Market Value Variance (RCV) metric, a modern tool that measures the two-month change in Bitcoin’s cap relative to its market cap. This metric is highly effective for long-term decision making and investing with the Dollar-Cost Averaging (DCA) model.
According to this metric, Bitcoin has entered the risk zone, but there is still potential for the market to move higher, reaching as high as 0.70. While the future cannot be predicted with certainty, analysts suggest that an increase in demand around the 0.50 level in the metric could mimic the behavior of 2017 and potentially lead to a new long-term high for Bitcoin.
*This is not investment advice.
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