The price of BTC is approaching its historical high again, and the short-term holder MVRV indicator has exceeded 1.4 for the first time

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Bitget2024/02/29 08:05

According to a message from Twitter user 0xCryptoChanBTC: As the price continues to approach its historical high, the BTC short-term holder MVRV indicator has surpassed 1.4 for the first time in 2 years and 4 months.

Let's take a look back at 2017 and 2020 when the coin price was close to its historical high and this indicator exceeded 1.4.

On January 4, 2017, the BTC price rose to $1103, nearing its highest point in nearly 13 years, with the indicator surpassing 1.4 for the first time; on November 18, 2020, the BTC price rose to $18394, approaching its highest point in nearly17 years, with the indicator once again exceeding1.4; and on February28th ,2024,the BTCprice rose to$62218,nearingits highestpointin21years,andtheindicatoronceagainexceeded1.4.

The black line above represents BTC prices while below is an on-chain indicator of BTC short-term holders' MVRV.

Note: The Market Value-to-Realized Value (MVRV) ratio of short-term Bitcoin holders refers to current total market value of Bitcoins held by these holders divided by cost total market value calculated based on purchase prices of these Bitcoins - that is overall realized/ cost value of Bitcoin short term holders.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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