Analyst: Bitcoin Enters Bull Market Phase as Adjusted MVRV Ratio Breaks Above 1.0

Odaily reports that CryptoQuant analyst Axel Adler Jr. stated that the 30-day moving average of the adjusted MVRV crossed above its 365-day moving average on August 20, signaling that Bitcoin had entered an early bull market phase, with the price at $71,255 at the time. On September 20, the ratio broke above the 1.0 threshold, marking Bitcoin's entry into the bull market phase at a price of $80,691. Currently, the ratio stands at 1.018, with Bitcoin priced at $84,156; as long as the ratio remains above 1.0, the bullish structure stays intact. Since 2012, this is the sixth transition from early bull market to bull market phase.