Summary
- Glassnode analyzed that if the Bitcoin MVRV indicator reaches 3.2, the Bitcoin price will reach $132,000.
- They stated that the Bitcoin MVRV chart is above the 1-year moving average, making it likely to reach 3.2.
- Exceeding an MVRV of 3.2 indicates extreme market optimism, and historically, only 5% of trading days have surpassed this figure.
Considering the trend of Bitcoin (BTC) MVRV (Market Value to Realized Value), there is a claim that Bitcoin could rise to $132,000.
On the 9th (local time), Glassnode stated on X, "Despite the price surge shown by Bitcoin in this cycle, the MVRV indicator has not exceeded 3.2," and added, "If MVRV reaches 3.2, the Bitcoin price will reach $132,000." Furthermore, they elaborated that "the current Bitcoin MVRV indicator is likely to reach 3.2" as the Bitcoin MVRV chart is above the 1-year moving average (2.18).
Meanwhile, according to Glassnode, reaching a Bitcoin MVRV level of 3.2 indicates extreme market optimism. Historically, Bitcoin MVRV exceeding 3.2 has occurred on about 5% of all trading days.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit![Dow Tops 50,000 for First Time Ever as “Oversold” Narrative Spreads [New York Stock Market Briefing]](https://media.bloomingbit.io/PROD/news/1c6508fc-9e08-43e2-81be-ca81048b8d11.webp?w=250)
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