Benzinga – Bitcoin (CRYPTO: BTC) has surged to $64,000, but a key metric indicates that it’s still in a “prime buy zone,” according to a prominent crypto analyst.
What Happened: Ali Martinez, a well-known crypto analyst, pointed out that despite Bitcoin’s recent price surge, the MVRV 90-day Ratio suggests that the cryptocurrency is still in a favorable buying position.
“Despite #Bitcoin’s recent surge from $57,000 to $64,000, the MVRV 90-Day Ratio indicates that $BTC remains in a prime buy zone!” Martinez wrote.
Despite #Bitcoin’s recent surge from $57,000 to $64,000, the MVRV 90-Day Ratio indicates that $BTC remains in a prime buy zone! pic.twitter.com/xbGUjCcXnJ
— Ali (@ali_charts) May 5, 2024
As per Martinez, the MVRV ratio, which divides an asset’s market capitalization by its realized capitalization, is a crucial metric in the crypto space….
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