Value

Burn

Bitcoin

Portion

CryptoQuant, a leading cryptocurrency analysis firm, recently shared its views on the current state of the Bitcoin market.
Over the past two years, the Bitcoin market has experienced a significant increase, which has also affected the prices of other cryptocurrencies. This period has been more promising compared to the bear market in 2021 and 2022.
To predict the current state of the Bitcoin market, CryptoQuant analysts resorted to one of the most effective modern tools, the 60-Day Realized to Market Value Variance (RCV) metric. This metric measures the two-month change in Bitcoin's cap relative to its market cap, making it extremely useful for long-term decision making and investing with the Dollar-Cost Averaging (DCA) model.
Related News: <a href="https://en.bitcoinsistemi.com/surprise-altcoin-decides-to-burn-a-significant-portion-of-its-total-supply/" target="_blank" rel="noopener noreferrer nofollow">Surprise Altcoin Decides to Burn a Significant Portion of Its Total Supply</a>
According to this metric, Bitcoin has reached the risk zone. However, there is still potential for the market to move higher, such as 0.70. While it is impossible to predict the future with certainty, analysts suggest that an increase in demand around the 0.50 level in the metric could behave similarly to 2017 and potentially create a new long-term high for Bitcoin.
<figure id="attachment_147069" aria-describedby="caption-attachment-147069" style="width: 100%" class="wp-caption alignnone"><img fetchpriority="high" decoding="async" class="size-full wp-image-147069" src="https://www.bitcoinsistemi.com/wp-content/uploads/2024/07/bitcoin-rcv.jpg" alt="" width="1678" height="918">
 <figcaption id="caption-attachment-147069" class="wp-caption-text">
 Graph showing the current status of RCV data.
 </figcaption>
</figure>
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/is-the-bitcoin-btc-bull-over-or-will-it-continue-analysts-tested-using-a-new-metric/" rel="noopener noreferrer nofollow">Is the Bitcoin (BTC) Bull Over or Will It Continue? Analysts Tested Using a New Metric</a>

Is the Bitcoin (BTC) Bull Over or Will It Continue? Analysts Tested Using a New Metric

Bitcoin Sistemi EN

Other articles published on Jul 3, 2024

Bitcoin price nears key support: RIOT, MARA, and CLSK stocks at risk

Taliban jailed 8 traders for holding and using crypto

Bitcoin Price Drops as Tron Shows Signs of Recovery

Bitcoin’s Bull Run – Insights from Historical Trends: Is it Ending or Just Pausing?

UK voters call for candidates to consider crypto as election looms

Silvergate Settles SEC Lawsuit For $50 Million; Fed, California Regulator Demand $63 Million Fine

Join our free newsletter for daily crypto updates!