CryptoQuant’s New Data Shows Bitcoin Bear Market has not Started Yet
The most discussed topic in the crypto community is whether a bear market has started or bulls still reign? To settle the matter, CryptQuant recently published a tweet supported by market index analysis. The new tweet reads that the bear market has not started yet. The chart shared by CryptoQuant looks at the Bitcoin price through MVRV.
The Market Value by Realized Value is used to determine the difference between the current price and the acquisition price point for Bitcoin. As noted by CryptoQuant experts, the BTC price range is still floating above the 2017 market crash level. At the end of the 2017 bull run, Bitcoin moved back to ATH of $20K. CryptoQuant further suggests that the recent crash is a great chance to buy from the dip and increase the Bitcoin reserves.
Gary Black is the managing partner at Future Fund LLC. He has served a successful tenure at Goldman Sachs under the capacity of Chief Investment Officer for the Asset Management Branch. Speaking on the matter of Bitcoin, he recently tweeted that in comparison to April ATH, Bitcoin prices have corrected by 52%. He further added that many financial institutions have been selling their Bitcoin at the Coinbase Pro platform.
According to Black, the net inflows at Coinbase Pro have hit a record increase in terms of year-to-year evaluation. He further added that this new development points towards a bearish market turnover. One more important observation shared by Black suggests that the number of new Bitcoin wallets has been decreasing steadily. He explained that it seems investors are not opening up new positions on Coinbase Pro, which is another bear market indicator.
CryptoQuant Claims Bitcoin Run is Far from Over
CryptoQuant is a crypto analytics service that insists on the continuation of the ongoing bull run for Bitcoin. New data shared by CryptoQuant posits that whales are busy buying from the dip. The CryptoQuant also claims that the wallet holders who own 1,000 to 10,000 Bitcoin have purchased a huge amount of the flagship cryptocurrency.
As per CryptoQuant experts, the recent Bitcoin accumulation by whales can balance out the selling pressure introduced by crypto miners dumping. Meanwhile, Black told his Twitter followers that he is choosing to hold his Bitcoin reserves, although it is 5X more volatile in comparison to stock options. He also claimed that even though there is no intrinsic support for Bitcoin, bulls continue to choose it due to its inflation hedge value.
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