• Bitcoin’s MVRV ratio showed intense bullish potential for the long term.
• The average cost basis revealed that a price jump was not there yet.

Bitcoin [BTC], despite having a positive Year-To-Date (YTD) performance, still has a massive potential for growth in the long term. This was the opinion of pseudonymous on-chain analyst Crazzyblockk.

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 Short-term holders can’t dream now

Crazzyblockk, who posts regularly about the market sentiment on CryptoQuant, pointed to the Market Value to Realized Value (MVRV) ratio as grounds for his opinion. The MVRV ratio is calculated as the ratio of an asset’s market capitalization versus its realized cap. 

By comparing these two metrics, the metric can be used to get a sense of when the price is above or below “fair value”, and to assess market profitability.

From the chart above, and as confirmed by Crazzyblockk, the MVRV ratio was above 1. Explaining how the metric relates to the price and market cap, Crazzyblockk concluded:

“We are still above level 1 of the MVRV Ratio, and based on the Holders’ Cost basis, Realized Cap< Market cap.”

However, the analyst mentioned that the bullish long-term

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Author: Victor Olanrewaju

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