- Bitcoin price action is gaining momentum, said analyst PlanB.
- The MVRV score and RSI values show that buyers are in charge.
- The price action bottomed in the 2022–2023 crypto winter, PlanB’s graph shows.
PlanB, a prominent crypto analyst and creator of the Bitcoin Stock-to-Flow model (S2F), suggests that Bitcoin (BTC) price action is gaining momentum and hints at a potential price surge in the near future.
In a recent post on X, the analyst presented a graph depicting Bitcoin’s MVRV (Market Value to Realized Value) score.
The graph, which compares Bitcoin’s relative strength index (RSI) over the years with the MVRV score, reveals a correlation between higher MVRV scores, market tops, and increased buying pressure.
PlanB’s analysis suggests that, similar to previous bullish cycles, Bitcoin’s RSI is rising and the MVRV scores are increasing, indicating a possibility for the Bitcoin price to surge and potentially surpass its current all-time high of $73,000, recorded in March.
Furthermore, the MVRV score tends to be relatively low when RSI levels are down and the market is bearish. PlanB’s graph indicates that 2022-2023 was a period of price lows for Bitcoin, suggesting that higher prices may follow.
Data from CoinMarketCap shows that BTC is currently trading below $69,000, while the leading cryptocurrency’s trading volume has increased by 22.32%. However, the Bitcoin market capitalization has declined by 1.05% in the past 24 hours, standing at $1.34 trillion.
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