A popular crypto analyst thinks one metric indicates Bitcoin (BTC) is likely to continue upward rather than reversing course.
In a new YouTube video, Jason Pizzino tells his 291,000 YouTube subscribers to pay attention to the market-value-to-realized-value (MVRV) Z-score, which pulls out the extremes in the data between market value and realized value to attempt to identify long-term trend reversals.
Says Pizzino,
“Once this indicator jumps into the positive, you can see here it’s 0.13, again, it’s very unlikely that the market is going to fall back into that accumulation zone, and it seems like we’re on the way up, stair-stepping into the next re-accumulation zones.
Things are going to get very, very difficult for those who are still sitting on the sidelines, listening to the fear porn, hoping and waiting for bigger downside targets, telling them that the world will have a collapse and the stock markets are signaling more downside corrections and they’re hoping and waiting for that.
That is a fool’s game to play, and unfortunately, it’s called the dumb money, and I hope you’re not part of that dumb money.”
BTC is trading at $34,734 at time of writing. Pizzino thinks Bitcoin could next target the $42,000 level.
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- Source: https://dailyhodl.com/2023/10/26/one-bitcoin-indicator-strongly-suggesting-btc-not-going-back-to-significantly-lower-prices-jason-pizzino/
