{"id":5376,"date":"2022-07-02T20:11:16","date_gmt":"2022-07-02T20:11:16","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=5376"},"modified":"2022-07-02T20:11:16","modified_gmt":"2022-07-02T20:11:16","slug":"bitcoin-indicator-that-nailed-all-bottoms-predicts-15-6k-btc-price-floor","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5376","title":{"rendered":"Bitcoin indicator that nailed all bottoms predicts $15.6K BTC price floor"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) needs to go lower before putting in a macro bottom, one of the market\u2019s most accurate indicators shows.<\/p>\n<p>Data from sources including on-chain analytics firm Glassnode shows Bitcoin\u2019s MVRV-Z Score is almost \u2014 but not quite \u2014 signaling a price reversal.<\/p>\n<h2>MVRV-Z Score inches towards macro bottom<\/h2>\n<p>Amid ongoing debate whether if, or when, BTC\/USD will go beyond its current macro lows of $17,600, new figures suggest that the market easily has further to fall.<\/p>\n<p>As noted by Filbfilb, co-founder of trading suite Decentrader, the MVRV-Z score is now in its classic green zone, but not yet at the point which has accompanied price bottoms in the past.<\/p>\n<p>MVRV-Z measures how high or low the Bitcoin spot price is relative to what is referred to as its \u201cfair value.\u201d <\/p>\n<p>It uses market cap and realized price data along with standard deviation to create what has turned out to be one of the most efficient Bitcoin top and bottom prediction tools.<\/p>\n<p>MVRV-Z has caught every macro top and bottom on BTC\/USD in its history, and done so with an accuracy of two weeks, data resource LookIntoBitcoin notes.<\/p>\n<p>The metric has only gone below its green zone a handful of times, the last being in March 2020, but more downside pressure would deliver a repeat performance.<\/p>\n<p>\u201cThis chart is *the one* for me,\u201d Filbfilb commented about the latest readings. <\/p>\n<p>\u201cWe normally bottom when MC <em>Bitcoin MVRV-Z Score chart. Source: Glassnode<\/em><\/p>\n<h2>$16,000 bottom zone gains traction<\/h2>\n<p>$15,600 would tie in with various existing predictions of where Bitcoin is due to bottom. <\/p>\n<p><strong><em>Related:\u00a0Bitcoin will see \u2018long bear market\u2019 says trader with BTC price stuck at $19K<\/em><\/strong><\/p>\n<p>In an update to Twitter followers at the weekend, meanwhile, popular account CryptoBullet included that area as one of several important support zones to watch.<\/p>\n<p>$16,000, it confirmed, also marks the average deviation from Bitcoin\u2019s 50-month moving average.<\/p>\n<p lang=\"en\" dir=\"ltr\">Some very important #BTC levels:<\/p>\n<p>16k &#8211; Average Deviation from MA50 (-25%)<\/p>\n<p>14k &#8211; 2019 Echo Bubble Top<\/p>\n<p>12.2k &#8211; Celsius Liquidation<\/p>\n<p>10.7k &#8211; Key Horizontal Level https:\/\/t.co\/hEcnj8wsak pic.twitter.com\/1Xke0F7WSe<\/p>\n<p>\u2014 CryptoBullet (@CryptoBullet1) July 2, 2022<\/p>\n<p>Bitcoin&#8217;s relative strength index, or RSI, is already at its lowest ever, another indication of the oversold nature of a market now below its previous halving cycle&#8217;s peak of nearly $20,000.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-indicator-that-nailed-all-bottoms-predicts-15-6k-btc-price-floor\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) needs to go lower before putting in a macro bottom, one of the market\u2019s most accurate indicators shows. Data from sources including on-chain analytics firm Glassnode shows Bitcoin\u2019s MVRV-Z Score is almost \u2014 but not quite \u2014 signaling a price reversal. MVRV-Z Score inches towards macro bottom Amid ongoing debate whether if, or [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-5376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5376"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5376\/revisions"}],"predecessor-version":[{"id":5378,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5376\/revisions\/5378"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5377"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}