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Analyst: Bitcoin Enters Bull Market Phase as MVRV Ratio Surpasses 1.0 Baseline

On September 26, crypto analyst Axel Adler Jr. stated that Bitcoin has transitioned from an early bull market to a bull market phase. The adjusted MVRV 30-day/365-day moving average ratio he tracks broke above the 1.0 baseline on September 20 (with the short-term average surpassing the annual average), at which point BTC was priced at $80,691. Previously, this ratio had crossed above the 365-day moving average on August 20, marking the entry into the early bull market when BTC was priced at $71,255; this phase lasted for 31 days, during which Bitcoin rose by 13%. The current ratio stands at 1.018, with BTC priced at $84,156. As long as it remains above 1.0, the structure will maintain a bullish outlook. This marks the sixth such transition since 2012, and in four of the previous five instances, the bull market ended with prices above the entry price, with the only exception being August 2015, when the bull market lasted only 16 days.

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