MVRV Ratio Tips Bitcoin Bull Run Has Room to Grow

Crypto Market Forecast: The crypto market is witnessing a slow but steady recovery as leading digital assets Bitcoin (BTC) and Ethereum (ETH) take turns bolstering investor sentiment. The recent approval of Spot ETH ETF generated new buying pressure in the altcoin market, while CryptoQuant shed light on the ongoing dynamics of the Bitcoin market, suggesting that the bull run is far from over.

According to this renowned analytics firm, the market value to realized value (MVRV) ratio, a popular metric used to assess the profitability of Bitcoin holders, indicates that the market is still in a position to see further increases.

Historically, during bull markets, the MVRV index has reached highs such as 4.83 and 3.97. However, the current MVRV ratio is just 2.78, suggesting that Bitcoin has not yet reached the overvalued zone typical of market peaks. This observation implies that there is potential for more upward movements in the market.

Read too: MicroStrategy CEO Michael Saylor celebrates Bitcoin ETF booking surpassing 1 million BTC

1) Bitcoin (BTC)

The pioneering cryptocurrency Bitcoin has been on a steady recovery since early May as its price recovered from $56,000. This recovery increased the asset’s value by 21.3%, currently trading at US$68,550.

Bitcoin (BTC) | Trading view

According to data from CoinMarketcap, Bitcoin holds a market value of $1.35 trillion, and trading volume has increased by 70% to reach $70 billion.

An analysis of the daily chart shows the sustainability of BTC price above $67,500 with long-tail rejection candles. This firm demand pressure could create a new higher low, indicating that buyers are accumulating the asset on occasional dips – an important sign of a sustainable upward trend.

A potential rebound from this support will push the asset up 7.7% to a high of $73,800.

On the other hand, if sellers break the support trendline carrying the current recovery trend, the Bitcoin could trigger a new correction and retest $60,000.

2) Dogwifhat (WIF)

Dog hat (WIF) is a memecoin that operates on the Solana blockchain, gaining popularity for its community-driven nature and internet meme appeal. Its mascot, a Shiba Inu dog in a pink hat, symbolizes the cheerful and whimsical essence of many meme coins, similar to predecessors like Dogecoin and Shiba Inu.

Dog Hat (WIF) | Trading view

In the last two months, the WIF Price witnessed a sideways trend amid the development of a symmetrical triangle pattern. The two converging trendlines of this pattern led the asset in a narrow space before making a decisive breakout to the upside.

On Monday, the coin’s price broke out of the pattern’s general trendline, signaling the continuation of the prevailing uptrend. With an intraday gain of 9%, Dogwifhat coin reached a trading price of $3.7 while its market cap reached $3.69 billion.

If the bullish momentum persists, WIF price will likely reach $4.86 by 30%.

Read too: The Best Shiba Inu Killers to Diversify Your Memecoin Wallet Holdings

3) Celestia (TIA)

Celestia (TIA) is a highly innovative blockchain network that stands out for its modular architecture, which allows for greater scalability and flexibility compared to traditional blockchain systems.

Celestia (TIA) | Trading view

The prevailing correction trend in TIA coin has stabilized above the psychological level of $8, changing the downward trajectory sideways. A look at this daily chart shows that the consolidation involved between two converging trendlines forms a symmetrical triangle pattern.

Amid the renewed market recovery, the Celestia coin rose for four consecutive days, increasing its value from $8.84 to $10.65, recording a 20% jump. With sustained buying, the coin price will break the indirect trend line, signaling a major trend reversal.

The potential breakout will accelerate the upside momentum and target higher targets of $12.8 followed by $15.5.

Main advantage

BTC price trading sideways above $67,500 for over a week has limited recovery momentum in most major altcoins. However, the broader trend remains bullish amid the approval of the Spot Ethereum ETF and rising market anticipation for Bitcoin’s post-halving recovery.

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