- Analyst Will Clemente predicts that Bitcoin
is entering a bull season.
- Clemente uses the Market Value to Realized Value (MVRV Z) data to suggest that the price of Bitcoin is still cheap.
- Historically, when the MVRV Z value for long-term investors (LTH) goes above 1, it indicates the start of a Bitcoin rally.
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Bitcoin analyst Will Clemente predicts the start of a bull season based on the Market Value to Realized Value (MVRV Z) data. According to Clemente, the price of Bitcoin is still cheap, and historically, when the MVRV Z value for long-term investors goes above 1, it signals the beginning of a Bitcoin rally. Learn more about Clemente’s prediction and the current state of Bitcoin.
Bitcoin Analyst Predicts Bull Season
Renowned analyst Will Clemente has made a prediction about the current state of Bitcoin, indicating that the rise is just beginning.
Bitcoin’s Bull Season Begins
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With over half a million followers on social media, Will Clemente’s statement about Bitcoin has attracted attention. In a recent post, he stated that “we are just at the beginning” and pointed out on the graph that we are in the early stages of a bull season.
MVRV Z Indicates Cheap Price
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Using the “Market Value to Realized Value” (MVRV Z) data, which calculates the difference between a cryptocurrency’s intrinsic value and market price, the analyst implied that the price of Bitcoin is still cheap.
Quoting data provided by on-chain analysis firm Glassnode, Clemente highlighted a breaking point that represents long-term investors (LTH) in particular. According to the graph shared by Clemente, historically, when the MVRV Z value for long-term investors goes above 1, it signals the beginning of a Bitcoin rally.
It is also noteworthy that the marked points on the graph shared by the analyst correspond to the ends of previous bull seasons. The LTH-MVRV data, which shows a similar pattern in the current days, according to the analyst’s interpretation, indicates the start of a new bull season.
CMC data shows that Bitcoin has experienced a 1.5% increase in the past week and is currently trading at $31,050.