As Bitcoin (BTC) continues its consolidation around the $70,000 level, a key indicator that has accurately identified bottoms during past major downtrends is once again signaling entry into a “lower price zone.”
According to crypto-focused media outlet Finbold on February 9 (local time), the Market Value to Realized Value (MVRV) price bands indicate that Bitcoin is approaching levels where it historically formed major cycle bottoms. This metric is used to assess overvaluation or undervaluation by comparing market capitalization with the average on-chain acquisition price.
Crypto analyst Ali Martinez explained on X that Bitcoin formed meaningful bottoms near the “-1.0 MVRV price band” during the 2015 bear market, the 2018 crypto winter, and the 2022 correction phase. The current -1.0 band sits around $52,040, and it is drawing heightened attention as it overlaps not with a simple correction zone but with a long-term accumulation range.
The MVRV indicator reflects investors’ profit and loss status through the price gap relative to the market-wide average acquisition cost. A sharp deviation below the long-term average typically signals a widespread loss zone, which has often coincided with the completion of capitulation-driven selling. At this stage, the market’s central question is whether the current decline marks the beginning of a deeper sell-off or entry into a “capitulation sell” phase similar to past cycles.
Actual price action has been highly volatile. Bitcoin traded around $69,279 intraday, down more than 2.6% over the past 24 hours, and has recorded a roughly 12% correction over the past seven days. Earlier, it plunged briefly to the $60,000–$61,000 range, representing a drawdown of up to 50% from its all-time high of around $126,000, before temporarily reclaiming the $70,000 level over the weekend on the back of institutional dip buying.
Nevertheless, institutional fund flows remain a headwind. Finbold reported that from February 6 to 9, a total of $3.6 billion flowed out of crypto products managed by BlackRock, primarily from spot ETFs linked to Bitcoin and Ethereum. In contrast, Bernstein assessed the current pullback as a shift in investor sentiment rather than structural weakness, and in a recent report projected a year-end Bitcoin price of $150,000, citing expanding institutional adoption and improvements in the U.S. regulatory environment.
According to CoinMarketCap, at the time of reporting Bitcoin was trading at $70,182.
*Disclaimer: This article is for investment reference only, and no responsibility is assumed for investment losses based on this information. The content should be interpreted solely for informational purposes.*
<저작권자 ⓒ 코인리더스 무단전재 및 재배포 금지>
|
  많이 본 기사
English 많이 본 기사
|
