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Bitcoin Is Still In Bull Market: CryptoQuant Report

source-logo  u.today 23 July 2021 13:06, UTC

A CryptoQuant analyst Gaah reckons that Bitcoin remains in the bull market despite the recent 50-percent correction.

“Bitcoin is still in the bull market”

Analyzing the MVRV cycle, CryptoQuant data shows that since 2013 the periods when Bitcoin was declining (often going down heavily) were the best times for buying the dip prior to a rise. Thus, the analyst of CryptoQuant states that Bitcoin is still the bull market.

We are still in the bull market (MVRV 2013 Cycle)

Read more in Quicktake👉https://t.co/g9o6KNUnnr pic.twitter.com/CoSB9sKWiy

— CryptoQuant.com (@cryptoquant_com) July 23, 2021

Previously, the analytics agency already stated that the bear market for Bitcoin has not arrived as per the data based on the MVRV ratio.

MVRV (market-value-to-realized-value ratio) demonstrates the ratio of the market capitalization value of an asset to its realized capitalization.

Bitcoin’s further fall prevented by Musk-Dorsey conference

After rolling down to the $29,700 zone on July 20, Bitcoin has managed to recover first above $30,000 and $31,000 and then moved higher to reclaim the $32,300 price mark.

The catalyst was the B-Word online conference dedicated to Bitcoin, featuring Elon Musk, Twitter CEO and Bitcoin maxi Jack Dorsey and the CEO of the ARK hedge fund Cathie Wood.

During B-Word, Tesla CEO revealed that he, Tesla and SpaceX all hold Bitcoin (Musk also has Ethereum and Dogecoin in his portfolio) and none intend to sell it.

Musk has also assumed that Tesla is likely to resume accepting BTC since Bitcoin Proof-of-Work-based mining has become way greener than before.

u.today