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According to CryptoQuant Burak Kesmeci, Bitcoin, the leading cryptocurrency, Bitcoin's Market Value to Realised Value (MVRV) has recorded a major bullish signal.
This specific metric is calculated by dividing the market value of the largest cryptocurrency by its realized value.
The term "realized value" refers to the value of all coins in circulation at the price that they were last transacted on-chain.
After examining the historical relationships between the MRVR and its 365-day moving average, the analyst determined that Bitcoin tends to experience a rally after the former climbs above the latter.
Currency, MRVR stands at 2.04, slightly surpassing its SMA 365, which is at 2.02.
The analyst has interpreted this as "a strong bullish signal," arguing that the ball now appears to be in the bull's court. "The footsteps of the bulls have never sounded stronger!" the analyst added.
Earlier today, the flagship cryptocurrency surged to an intraday high of $66,439, according to data provided by CoinGecko. However, it has since pared some gains, currently trading at $65,882. Bitcoin is still up by 1.1% over the past 24 hours.
Notably, Bitcoin is now on track to secure its best September on record despite the fact that it was supposed to be a bad month for the cryptocurrency. The crypto king is so far up by 11.5%.
Last week, legendary trader John Bollinger noted that Bitcoin had formed a bullish setup.
According to CoinGecko data, Bitcoin bulls still have to gain more than 10% in order to reclaim the current all-time high that was achieved in March.