CryptoQuant, an analyst firm, tweeted that the Bitcoin is not in a bear market. This is contrary to what many people are thinking right now.
We are not in a bear market! (MVRV)
— CryptoQuant.com (@cryptoquant_com) July 20, 2021
The MVRV for Bitcoin shows that the bear market has not yet arrived. This is because the Bitcoin price has not fallen as much as it did after its 2017 record high of $20,000. MVRV stands for market-value-to-realized-value ratio.
According to the CryptoQuant data, the current pullback could be used as an opportunity to accumulate Bitcoin and not as a bearish market signal.
“We are not in a bear market! (MVRV)
At the current historical top of $65,000 the MVRV did not reach the same level reached in the previous bull run, but it did reach the band. Weak top.
At the current range, $30,000, we have reached the same buy zone level since September 2020. Buying at this same level in the past cycle was seen between January to March 2017.
It does not sell at the bottom, but prepares ammunition for the bottom. Short-term data offers probability of test at support, good exposure opportunity.”
CryptoQuant reports that wallets holding 1,000 to 10,000 BTC have recently purchased a staggering 57,000 BTC.
Glassnode and CryptoQuant provide charts that show that Bitcoin whales have accumulated bitcoins from miners who have sold their shares of BTC.
Moskovski Capital’s CEO share the Glassnode chart showing crypto whales accumulating the BTC.
The chart shows that recently the BTC supply in 1,000-10,000 BTC wallets have added 57,000 more bitcoins.
#Bitcoin supply held by whales (1k-10k wallets) has erased the whole Tesla/China sell-off and are back to the levels of $57k BTC.
Whales are unironically accumulating. pic.twitter.com/Rqbd22EvBl
— Lex Moskovski (@mskvsk) July 19, 2021