Is 2023 the Best Time to Accumulate Bitcoin?

The cryptocurrency market is still recovering from losses suffered after governments launched a crackdown on cryptocurrencies. Several indicators suggest that this is an ideal time to take advantage of the bear market to accumulate Bitcoin.

In this context, Bitcoin’s Market Cap Versus Real Value (MVRV) broke out of undervalued territory on January 19th and is currently at 1.12. As CryptoQuant analyst Dan Lim observed on Feb. 15, there has never been a strong breakout following a dip below 1.

However, analysts noted that the rules appear to be slightly different this time around. For now, “when a bear market is accompanied by persistent macro issues, a more conservative and long-term buy-split approach appears to be better.”

grab the chance

Also, foresight is needed, as this could be a good time to accumulate top DeFi tokens before prices rise:

“As we look ahead to 2022 and 2023, the next bull market, it could be a very good accumulation period. Unfortunately, there are a lot of buyers in the final stages of the bull market.”


MVRV rate eliminatebitcoin | source: Dan Lim/CryptoQuant

What are MVRVs?

Specifically, the MVRV ratio can be used to determine whether an asset is reasonably priced by comparing it to its true value. As a stand-alone statistic, MVRV is considered an effective indicator for determining cryptocurrency market tops and bottoms.

In order not to miss the news, we sincerely invite you to pay attention to our Telegram:

As a rule of thumb, the lower the MVRV ratio, the more likely future price increases are, since this important metric measures the average profit or loss of addresses that have previously invested in the asset.

Pprice analysisbitcoin

Meanwhile, Bitcoin is starting to recover from a week-long loss that saw prices drop 5.02 percent and is currently trading at $22,237, up a modest 1.98 percent on the day. However, the asset is still up 6.1% for the month.


Bull Price ChartBitcoin 4 Hours | Source: Tradingview

It’s also important to note that many analysts predict that Bitcoin’s next halving event (expected in 2024) will significantly “push up” the price of the first digital asset. Among them, Bloomberg senior commodity expert Mike McGlone believes that Bitcoin may reach $100,000 by then.

Recently, Robert Kiyosaki, author of the personal finance bestseller “Rich Dad Poor Dad,” predicted that Bitcoin will trade at $500,000 by 2025 as “faith in the U.S. dollar” – counterfeit currency” is destroyed, gold, silver And Bitcoin is an alternative.

According to expert and analyst Michaël van de Poppe, Bitcoin may “bottom out,” but the upside is significantly greater than the downside, as “the price bottomed out at $15,500 and has since bounced back to $22,100.” Disaster Luna, Celsius, Voyager, FTX , 3AC, BlockFi, DCG, and Gemini. “

Meanwhile, Bitcoin is also showing renewed signs of hope as the fear and greed index is at greed levels and unrealized gains have outweighed losses over the past few weeks.

  • BUSD closes at $1 after Binance CEO comments
  • Bitcoin Miner Made Nearly $600,000 Thanks to NFT Ordinals
  • Bitcoin edged lower as U.S. releases January CPI

Ming Ying

According to Fembold

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img