Bitcoin [BTC] Investors have more than one reason to rejoice over the 4th of July celebration. On-chain data indicates that the worst may be over for Bitcoin according to acclaimed researchers. BTC has also seen an uptrend since July 3rd, which is a good start to the month.
A renewed optimism on the charts
Bitcoin supporters have good reason to be optimistic after the positive signs on the network. a recent sentiment Tweet The early hours of July 4 suggested positive growth in the long run on exchanges. The tweet further claimed that trader optimism is generally higher on holidays. It also calls for caution as whales may attempt to “punish those overly curious.”
Crypto Analyst Ali Martinez Next deployment of His analysis suggests that the worst for Bitcoin is probably over. He used the Sentiment MVRV (365D) metric, which was the time of the last market bottom in two bearish cycles.
During the January 2015 bear market, the MVRV metric peaked at -56.85%, marking a market low. And again in December 2018, it reached -55.62%, shining down for a bear market. As of now, the current bearish cycle is in full swing, with the value falling to -50.09% in mid-June and currently at – 48.23%.
When we wrap heavy Q2 can it ignite the bulls?
Let’s talk data!
Bitcoin is consolidating in the $18,000-$22,000 range as both bulls and bears are not sure about the market volatility trends. Currently trading at $20,241, BTC is up 5.7% over the past 24 hours. In its latest recovery effort, bitcoin has been aided by a nearly 50% increase in network volume. This is a healthy sign for bitcoin as it battles tough market conditions.
Significant changes have also been observed in the MVRV ratio since mid-June. The price saw a gradual rise during its late recovery in June. Despite the decline in the price of the King token and the volatility it has experienced, the MVRV ratio is still in a decent position.
Tesla wrapped up a disastrous Q2 on June 30, despite the numbers showing some signs of improvement. With Elon Musk’s $1.5 billion bitcoin investment, the CEO may be grappling with his losses. Plus, Musk’s move hasn’t gone according to plan, at least financially so far.
As reported by The Telegraph,
“When quarterly results are reported later this month, Tesla is likely to report a loss of approximately $440m in its bitcoin holdings – equivalent to 9% of its annual profit from last year.”