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Bitcoin’s valuation metric hints at a ‘possible bottom’ forming
Bitcoin fell 11% between Nov. 3 and Nov. 4, breaking below the $100,000 level for the first time in four months. This led to the liquidation of over $1.3 million in leveraged long positions and coincided with profit-taking by long-term holders and capitulation by recent buyers. Several key data metrics suggest that this drop to $98,000 may have marked the local bottom for BTC, offering a favorable entry point for the bulls. Bitcoin’s Market Value to Realized Value (MVRV) ratio, an indicator that measures whether the asset is overvalued, has dropped to levels that have historically marked local bottoms, according to ... (full story)
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