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An analysis suggests Bitcoin may be more likely to turn higher after an on-chain signal that previously appeared at the end of bottoming phases in past downcycles emerged again.
Crypto analyst Crypto Dan said Bitcoin’s current MVRV, or Market Value to Realized Value, an on-chain indicator showing broader unrealized gains and losses across the market, has been rising sharply. Crypto Dan added the signal was observed for the first time in the current downcycle amid Bitcoin’s recent surge, and said the same pattern appeared at the point when the bottoming phase ended in every past downcycle.