- Crypto analyst Ali Martinez has revealed that it may still be an excellent time to accumulate Bitcoin, despite its recent price surge from $57,000 to $64,000.
- Bitcoin whales didn’t waste time accumulating during Bitcoin’s recent decline, as Bitcoinist reported that these investors bought 47,500 BTC ($2.8 billion) between May 2 and 3.
- Crypto analyst Mikybull Crypto recently hinted that Bitcoin is almost ready for another parabolic rally, with the “next liquidity grab interest is above.”
Despite Bitcoin’s recent price surge, analysts suggest it’s still a prime time to accumulate the crypto token. Bitcoin whales have been buying, and another parabolic rally could be on the horizon.
Bitcoin Is Still In A “Prime Buy Zone”
Martinez mentioned in an X (formerly Twitter) post that Bitcoin’s Market Value to Realized Value (MVRV) 90-day ratio indicates that it is still in a “prime buy zone” despite its recent price surge. The MVRV is a metric used to determine whether a crypto token is undervalued or overvalued. Based on Martinez’s findings, Bitcoin looks to be currently undervalued, which presents a good opportunity to accumulate the crypto token.
Bitcoin Whales Accumulating
Interestingly, Bitcoin whales didn’t waste time accumulating during Bitcoin’s recent decline, as Bitcoinist reported that these investors bought 47,500 BTC ($2.8 billion) between May 2 and 3. However, the MVRV ratio being at that level suggests that many of these whales are investors adding to their positions, meaning that significant buying pressure shouldn’t be expected anytime soon.
BTC Almost Ready For Next Leg Up
Crypto analyst Mikybull Crypto recently hinted that Bitcoin is almost ready for another parabolic rally. He stated that Bitcoin’s local bottom is in considering that the “next liquidity grab interest is above.” He added that Bitcoin will first “clear out the $67,000 level and consolidate in preparation for the $73,000 level.
Conclusion
Despite recent price fluctuations, analysts suggest that it is still a prime time to accumulate Bitcoin. With Bitcoin whales actively buying and the potential for another rally, the outlook for Bitcoin remains positive.
