Bitcoin Voice Of Crypto
The price of Bitcoin dropped significantly last weekend, with leveraged traders facing large liquidations.
Analyst Ali believes the MVRV indicator suggests Bitcoin is undervalued and now is a good time to buy.
Analyst Michael van de Poppe expects a big week for Bitcoin due to the upcoming halving on Friday/Saturday and recent ETF approvals in Hong Kong.
Analyst Moustache believes the recent market panic was an overreaction, and the bull market is still ongoing.
Despite the short-term slump, analysts generally seem optimistic about Bitcoin's long-term prospects.
The dust from the most recent market slump is starting to settle, with Bitcoin attempting to claw its way up from its slump to $61,000.
The liquidations on leveraged traders remain harsh and have been upwards of $500 million on Bitcoin since 12 April.
However, what if this is a major turning point for the flagship cryptocurrency?
What if this was one of the only few opportunities investors will get before the market finally takes off?
Analysts have weighed in on these questions, and here are their thoughts:
According to new insights from renowned analyst, Ali, the MVRV indicator has helped analysts to identify buy zones since the bull run started sometime in 2023.
For some context, the MVRV indicator stands for “Market Value to Realized Value”.
This indicator is basically used to assess whether an asset is over or underpriced.
Bitcoin’s MVRV indicator
According to Ali, when the MVRV drops below the 90-day average, it signals a buying opportunity.
It also happens that after the latest correction between Friday and the time of writing, the MVRV dropped below the 90-day average again.
This means that even though Bitcoin might see further declines from here, now is a great time to consider buying in.
According to another trading expert, Michael van de Poppe in an April 14 post on X, the halving and the hype around it could offer interesting entries for investors.
Moreover, considering how Hong Kong recently approved spot ETFs for both Ethereum and Bitcoin, van de Poppe says that these dips are the “dips you want”.
Bitcoin approaching a massive week
Van de Poppe claims that this week is set to be massive, painting a bullish picture for Bitcoin over the coming days, in light of the Friday/Saturday halving.
Another prominent crypto analyst, Moustache, also shared his thoughts on the issue in a 15 April tweet.
The crypto market’s halving
According to the analyst, the recent behaviour of traders and investors all over the market over the last few days might have been an overreaction.
“All this panic in the last few days was completely in vain. It just shows how unimportant short-term price action is. It’s often just noise. The bull market is far from over,” he remarked, restating his confidence in the bull run’s continuation.
"The bull market is far from over," Moustache says, underscoring the strength of the bulls over the long term.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.