{"id":27262,"date":"2024-08-21T15:00:47","date_gmt":"2024-08-21T12:00:47","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=27262"},"modified":"2024-08-21T11:39:21","modified_gmt":"2024-08-21T08:39:21","slug":"analyst-highlights-strong-bitcoin-bull-market","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/analyst-highlights-strong-bitcoin-bull-market\/","title":{"rendered":"Analyst Highlights Strong Bitcoin Bull Market Despite Price Struggles"},"content":{"rendered":"<p>Citing two important indications, an expert argues that the bull market is still strong even if <strong>Bitcoin<\/strong> cannot recover its March all-time high and shows no evidence of a significant downturn.<\/p>\n<p><strong>Axel Adler<\/strong>, a researcher with CryptoQuant, looked into the Bubble vs. Crush Market Structure and the MVRV Z-score in an August 18 study to back up his assertion that the present price action of Bitcoin is moving in a positive direction.<\/p>\n<p>Adler pointed out that <strong>Bitcoin<\/strong> is not now in a bubble phase as the Bubble vs. Crush Market Structure has decreased to a score of 1.02, which he considers as &#8220;the baseline.&#8221; He said that bubbles develop when the market capitalization of Bitcoin increases more quicker than its actual value. This is in contrast to the circumstances in March 2021, when Bitcoin reached its all-time high of $73,679 and the indicator indicated a bubble with a score of around 1.5.<\/p>\n<p>Indicating &#8220;<em>minimal overvaluation<\/em>&#8221; Bitcoin&#8217;s 30-day Moving Average (DMA) MVRV Z-Score is now at 1.8, somewhat above its yearly average of 1.6. Adler noted that a rising score usually indicates that the item is overpriced and that a price adjustment could follow.<\/p>\n<p>According to Adler, <em>&#8220;as long as the metric does not reach extreme levels that could signal a significant risk of correction, the market can be considered bullish<\/em>.&#8221; Both measures point to Bitcoin&#8217;s current notional value as not too high.<\/p>\n<p>Since July 22, <strong>Bitcoin<\/strong> has traded within a 40% range, varying between a low of $49,842 and a high of $69,799. Right now, Bitcoin trades for $59,260.<\/p>\n<p>Several traders have observed the protracted period of consolidation of Bitcoin. &#8220;We are in the boring phase,&#8221; said pseudonymous trader Ash Crypto. While another trader, Rekt Capital, said Bitcoin might be &#8220;on the cusp of reclaiming its Post-Halving ReAccumulation Range,&#8221; suggesting possible upward movement in the next months, this phase occurs both before and after the halving.<\/p>\n<p><i><span style=\"font-weight: 400;\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"><i><span style=\"font-weight: 400;\">Telegram, <\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400;\">YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, and <\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"><i><span style=\"font-weight: 400;\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> channels for the latest <\/span><\/i><a href=\"https:\/\/coinengineer.io\/news\/\"><i><span style=\"font-weight: 400;\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Citing two important indications, an expert argues that the bull market is still strong even if Bitcoin cannot recover its March all-time high and shows no evidence of a significant downturn. Axel Adler, a researcher with CryptoQuant, looked into the Bubble vs. Crush Market Structure and the MVRV Z-score in an August 18 study to<\/p>\n","protected":false},"author":6,"featured_media":7814,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9,657],"tags":[61,477,8042],"class_list":["post-27262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-analysis","category-crypto-news","category-en","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-bull-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Analyst Highlights Strong Bitcoin Bull Market Despite Price Struggles - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/analyst-highlights-strong-bitcoin-bull-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analyst Highlights Strong Bitcoin Bull Market Despite Price Struggles - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Citing two important indications, an expert argues that the bull market is still strong even if Bitcoin cannot recover its March all-time high and shows no evidence of a significant downturn. Axel Adler, a researcher with CryptoQuant, looked into the Bubble vs. Crush Market Structure and the MVRV Z-score in an August 18 study to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/analyst-highlights-strong-bitcoin-bull-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-21T12:00:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-21T08:39:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/2-2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"974\" \/>\n\t<meta property=\"og:image:height\" content=\"547\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/analyst-highlights-strong-bitcoin-bull-market\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/analyst-highlights-strong-bitcoin-bull-market\/\",\"name\":\"Analyst Highlights Strong Bitcoin Bull Market Despite Price Struggles - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/analyst-highlights-strong-bitcoin-bull-market\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/analyst-highlights-strong-bitcoin-bull-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/2-2.png\",\"datePublished\":\"2024-08-21T12:00:47+00:00\",\"dateModified\":\"2024-08-21T08:39:21+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\"},\"breadcrumb\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/analyst-highlights-strong-bitcoin-bull-market\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coinengineer.net\/blog\/analyst-highlights-strong-bitcoin-bull-market\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/analyst-highlights-strong-bitcoin-bull-market\/#primaryimage\",\"url\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/2-2.png\",\"contentUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/2-2.png\",\"width\":974,\"height\":547,\"caption\":\"Bitcoin Enters Bullish Territory! On-chain Analysis!\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coinengineer.net\/blog\/analyst-highlights-strong-bitcoin-bull-market\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/coinengineer.net\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Analyst Highlights Strong Bitcoin Bull Market Despite Price Struggles\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\",\"url\":\"https:\/\/coinengineer.net\/blog\/\",\"name\":\"Coin Engineer\",\"description\":\"Btc, Coins, Pre-Sale, DeFi, NFT\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coinengineer.net\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\",\"name\":\"Tanju Akb\u0131y\u0131k\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"caption\":\"Tanju Akb\u0131y\u0131k\"},\"url\":\"https:\/\/coinengineer.net\/blog\/author\/cetanju\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Analyst Highlights Strong Bitcoin Bull Market Despite Price Struggles - Coin Engineer","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coinengineer.net\/blog\/analyst-highlights-strong-bitcoin-bull-market\/","og_locale":"en_US","og_type":"article","og_title":"Analyst Highlights Strong Bitcoin Bull Market Despite Price Struggles - Coin Engineer","og_description":"Citing two important indications, an expert argues that the bull market is still strong even if Bitcoin cannot recover its March all-time high and shows no evidence of a significant downturn. 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