Bitcoin

when

BlackRock

<p>Even after reaching a new all-time high on March 11, the founder of LookintoBitcoin, Philip Swift, in a post on X,&nbsp;<a class="editor-rtfLink" href="https://twitter.com/PositiveCrypto/status/1767474140284322296" target="_blank" rel="noopener nofollow">believes</a>&nbsp;the Bitcoin bull market is just getting started and has “a long way to go.” Supporting this bullish preview, Swift points to a popular on-chain metric, the MVRV Z-Score, which currently sits at 2.87.</p> 
<h2 id="bitcoin-bulls-in-charge-mvrv-z-score-low">Bitcoin Bulls In Charge, MVRV Z-Score Low</h2> 
<p>Bitcoin bulls have been relentless when writing, driving prices to fresh highs. After easing past $70,000 last week, prices roared higher on March 11, pushing the coin to an all-time high of $72,800. Bulls remain buoyant, expecting more gains and even new all-time highs in the coming sessions.</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-286701" src="https://bitcoinist.com/wp-content/uploads/2024/03/GIdUXGGWkAAmjhb.jpg?resize=1024%2C683" alt="Bitcoin's MVRV Z-Score | Source: Philip Swift on X" width="1024" height="683" srcset="https://bitcoinist.com/wp-content/uploads/2024/03/GIdUXGGWkAAmjhb.jpg?resize=1024%2C683?w=2706 2706w, https://bitcoinist.com/wp-content/uploads/2024/03/GIdUXGGWkAAmjhb.jpg?resize=1024%2C683?w=630 630w, https://bitcoinist.com/wp-content/uploads/2024/03/GIdUXGGWkAAmjhb.jpg?resize=1024%2C683?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/03/GIdUXGGWkAAmjhb.jpg?resize=1024%2C683?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/03/GIdUXGGWkAAmjhb.jpg?resize=1024%2C683?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/03/GIdUXGGWkAAmjhb.jpg?resize=1024%2C683?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/03/GIdUXGGWkAAmjhb.jpg?resize=1024%2C683?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/03/GIdUXGGWkAAmjhb.jpg?resize=1024%2C683?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>While this develops, the MVRV Z-Score remains low but rising as of March 12. On-chain analysts often leverage this metric to assess the stage of the bull cycle. Analysts can use this tool to determine periods when Bitcoin is undervalued relative to its fair value.&nbsp;</p> 
<p>Historically, and as&nbsp;<a class="editor-rtfLink" href="https://www.lookintobitcoin.com/charts/mvrv-zscore/" target="_blank" rel="noopener nofollow">explained</a> by LookintoBitcoin, the MVRV Z-Score has proven helpful in identifying when spot rates have surged well beyond the realized value. In this case, the realized value is the average price holders paid for all the circulating coins.</p> 
<p>From LookintoBitcoin data, the MVRV Z-Score is up to 2.87, rising from 2.82 when Swift posted on X. When Bitcoin prices soared to all-time highs in the last bull cycle in 2021, the score stood at over 5.&nbsp;</p> <a href="https://www.tradingview.com/x/yJ4xzgAg/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/yJ4xzgAg/" alt="Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1787" height="904"></a> 
<p>Accordingly, at spot readings, the low reading suggests that bulls have more room to drive prices even higher in the coming sessions. This also means that the current all-time high of $72,800 will likely be broken as prices soar.</p> 
<p>As Bitcoin trends at around all-time highs and confidence grow, the low MVRV Z-Score only adds to the growing chorus of bullish sentiment surrounding the world’s most valuable coin. The current spike is mostly pinned on institutions doubling down on the coin, taking more coins from circulation.</p> 
<h2 id="wall-street-players-accumulating-btc">Wall Street Players Accumulating BTC</h2> 
<p>MicroStrategy, the business intelligence firm trading on Nasdaq, has accumulated Bitcoin. Presently, the firm controls 205,000 BTC worth over $9 billion, bought at an average price of slightly less than $34,000. From February 26 to March 10, MicroStrategy bought another 12,000 BTC.</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-286702" src="https://bitcoinist.com/wp-content/uploads/2024/03/GIZkDsFasAA4z3w.png?resize=1024%2C768" alt="Whales accumulating BTC | Source: Lookonchain via X" width="1024" height="768" srcset="https://bitcoinist.com/wp-content/uploads/2024/03/GIZkDsFasAA4z3w.png?resize=1024%2C768?w=2645 2645w, https://bitcoinist.com/wp-content/uploads/2024/03/GIZkDsFasAA4z3w.png?resize=1024%2C768?w=560 560w, https://bitcoinist.com/wp-content/uploads/2024/03/GIZkDsFasAA4z3w.png?resize=1024%2C768?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/03/GIZkDsFasAA4z3w.png?resize=1024%2C768?w=879 879w, https://bitcoinist.com/wp-content/uploads/2024/03/GIZkDsFasAA4z3w.png?resize=1024%2C768?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/03/GIZkDsFasAA4z3w.png?resize=1024%2C768?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/03/GIZkDsFasAA4z3w.png?resize=1024%2C768?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/03/GIZkDsFasAA4z3w.png?resize=1024%2C768?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>Moreover, spot Bitcoin exchange-traded fund (ETF) issuers are amassing more coins on behalf of their clients. As of March 11, Lookonchain data&nbsp;<a class="editor-rtfLink" href="https://twitter.com/lookonchain/status/1767210027826262212" target="_blank" rel="noopener nofollow">shows</a>&nbsp;that BlackRock bought 4,853 BTC, pushing their total haul close to 196,000 BTC.</p>

Founder: Bitcoin Bull Run Just Getting Started, Here’s Why

Table of Contents

Bitcoinist

Other articles published on Mar 12, 2024

Cardano (ADA) Maintains Optimism Despite Recent Challenges

JP Morgan’s Jamie Dimon Defends Right to Buy Bitcoin Amidst Ongoing Criticism

Crypto Market Liquidity At Its ATH, Altcoins Booming!

AI News: Cognition Labs Unveils World’s First AI Software Engineer Devin

NFT Market Remains Unmoved by Cryptocurrency Upswing

Xuirin Finance (XUIRIN) Launches Presale, Aiming to Transform the DeFi Sector

Join our free newsletter for daily crypto updates!