Even after hitting a new all-time high on March 11, LookintoBitcoin founder Philip Swift, in a post on X, believe The bitcoin bull market is just getting started and has “a long way to go.” To support this bullish preview, Swift points to a popular on-chain metric, the MVRV Z-Score, which currently stands at 2.87.
bitcoin bulls have been relentless on the writing, driving prices to new highs. After breaking above $70,000 last week, prices rose sharply on March 11, taking the coin to an all-time high of $72,800. The bulls remain optimistic and expect more gains and even new all-time highs in the coming sessions.
<img decoding="async" class="size-full wp-image-286701" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Bull-Run-is-Just-Beginning-Here39s-Why.jpg" alt="bitcoin MVRV Z-Score | Source: Philip Swift in X” width=”1024″ height=”683″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Bull-Run-is-Just-Beginning-Here39s-Why.jpg?w=2706 2706w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Bull-Run-is-Just-Beginning-Here39s-Why.jpg?w=630 630w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Bull-Run-is-Just-Beginning-Here39s-Why.jpg?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Bull-Run-is-Just-Beginning-Here39s-Why.jpg?w=980 980w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Bull-Run-is-Just-Beginning-Here39s-Why.jpg?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Bull-Run-is-Just-Beginning-Here39s-Why.jpg?w=2048 2048w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Bull-Run-is-Just-Beginning-Here39s-Why.jpg?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Bull-Run-is-Just-Beginning-Here39s-Why.jpg?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” data-recalc-dims=”1″/>bitcoin MVRV Z-Score | Source: Philip Swift in X
While this develops, the MVRV Z-Score remains low, but increases starting March 12. On-chain analysts often leverage this metric to assess the stage of the bull cycle. Analysts can use this tool to determine periods when bitcoin is undervalued relative to its fair value.
Historically and how explained According to LookintoBitcoin, the MVRV Z-Score has proven useful in identifying when spot rates have risen far beyond the realized value. In this case, the realized value is the average price that holders paid for all coins in circulation.
According to data from LookintoBitcoin, the MVRV Z-Score rises to 2.87, up from 2.82 when Swift posted on in more than 5.
Consequently, on spot readings, the low reading suggests that the bulls have more room to push prices further in the coming sessions. This also means that the current all-time high of $72,800 will likely be surpassed as prices skyrocket.
As bitcoin trends towards all-time highs and confidence grows, the low MVRV Z-Score only adds to the growing chorus of bullish sentiment surrounding the world's most valuable currency. The current surge is primarily due to institutions doubling down on the currency, removing more coins from circulation.
MicroStrategy, the Nasdaq-listed business intelligence company, has accumulated bitcoin. The company currently controls 205,000 btc worth over $9 billion, purchased at an average price of just under $34,000. From February 26 to March 10, MicroStrategy purchased another 12,000 btc.
Additionally, issuers of spot bitcoin exchange-traded funds (ETFs) are accumulating more coins on behalf of their clients. As of March 11, Lookonchain data sample that BlackRock bought 4,853 btc, bringing its total haul to close to 196,000 btc.
