Bitcoin Bulls: Market Might Enter Bullish Mid-Term Stage

• The recent rally in Bitcoin’s [BTC] price has led to an increase in the coin’s market-value-to-realized-value ratio (MVRV), which implies that the market might have entered a bullish mid-term stage.
• Daily chart assessment revealed bullish sentiment lingers in the BTC market, with increased coin accumulation in the past few weeks and the coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) both pegged at 84.
• The coin’s on-balance volume has risen consistently since the year began and the dynamic line (green) of the leading coin’s Chaikin Money Flow (CMF) rests above the zero line, which is a bullish sign for the asset’s price.

The recent rally in Bitcoin’s [BTC] price has been one of the main indicators of a possible bullish mid-term stage. The increased price has led to an increase in the coin’s market-value-to-realized-value ratio (MVRV), which is typically seen as a sign that the market might be entering a bullish period. CryptoQuant pseudonymous analyst Greatest Trader has assessed BTC’s price historical performance in the last four cycles and found that the king coin’s MVRV fell below one during the bearish market phases, signifying that the coin was undervalued and a bear market bottom was in formation. Whenever the MVRV was pushed above one, „Bitcoin experienced a surge, and the bull market started,“ according to Greatest Trader.

Daily chart assessment has revealed that bullish sentiment continues to linger in the BTC market. This can be seen in the coin accumulation in the past few weeks and the coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) both currently pegged at 84. This suggests that the asset is currently overbought. Additionally, the coin’s on-balance volume has risen consistently since the year began, currently standing at 515,034. This is typically a sign that the volume of buying is greater than the volume of selling, which is typically a bullish signal for the asset’s price. Furthermore, the dynamic line (green) of the leading coin’s Chaikin Money Flow (CMF) rests above the zero line, which is another bullish sign for the asset’s price.

All of these factors together suggest that the market might have entered a bullish mid-term stage, and that the current rally in price might be followed by „sudden moves and high volatility.“ Although it is impossible to predict what will happen in the short term, it is likely that the bullish sentiment will continue in the future, as long as the current indicators remain positive.