LookintoBitcoin creator Philip Swift took to platform X to declare his belief that the Bitcoin bull market is far from over. Despite reaching a new all-time high on March 11th, Swift argues there’s “a long way to go” for the leading cryptocurrency. Swift cites the MVRV Z-Score, a well-liked on-chain indicator currently 2.87, to support this optimistic outlook.
Bulls in Bitcoin Are Leading, MVRV Z-Score Low
Regarding writing, bitcoin bulls have been unwavering, pushing prices to all-time highs. The coin reached an all-time high of $72,800 on March 11 after prices surged higher the previous week, slipping above $70,000. In the upcoming sessions, bulls are still optimistic and anticipate further increases, if not new all-time highs.
As things progress, as of March 12, the MVRV Z-Score is still low but is starting to rise. On-chain analysts typically use this measure to determine where the bull cycle is at. Analysts can use this tool to discover periods when Bitcoin is undervalued relative to its fair value.
LookintoBitcoin highlights the MVRV Z-Score as a tool to identify periods where the spot price of BTC significantly surpasses the realized value. In simpler terms, the realized value represents the average price at which all circulating Bitcoins were last acquired by their current holders.
The MVRV Z-Score has increased to 2.87 from 2.82 when Swift posted on X, according to LookintoBitcoin data. When Bitcoin prices climbed to all-time highs in the latest bull cycle in 2021, the score stood above 5.
As a result, at spot readings, the low reading implies that bulls have more space to raise prices during the ensuing sessions. This also means that the current all-time high of $72,800 will be broken as prices increase.
The low MVRV Z-Score adds to the swelling chorus of bullish feelings surrounding the most valuable coin in the world as BTC trends at or near all-time highs and confidence grows. Most of the current surge is attributed to institutions increasing their currency usage and removing more coins from circulation.
Wall Street Firms Building up Bitcoin
The business intelligence company that trades on Nasdaq, MicroStrategy, has amassed a collection of Bitcoin. At an average price of just less than $34,000, the company currently owns 205,000 BTC, valued at almost $9 billion. MicroStrategy purchased an additional 12,000 Bitcoins between February 26 and March 10.
Furthermore, exchange-traded fund (ETF) issuers of spot Bitcoin are accumulating more coins for their customers. BlackRock purchased 4,853 Bitcoin as of March 11, according to Lookonchain data, bringing its total acquisition to around 196,000 Bitcoin.
