This is when investors can expect the next big move in Bitcoin: CryptoQuant

Bitcoin briefly breached the psychological barrier of $70,000 before sustaining a correction and falling near $68,000. While a near-term breakout doesn’t appear to be in the offing, the data suggests the bull market isn’t over yet.

In fact, bitcoin is potentially poised for further gains, according to CryptoQuant’s latest analysis.

Bitcoin Resurgence in June

Examining the MVRV ratio, the CryptoQuant report determined that the current bull market is far from over.

Historically, the market value to realized value ratio (MVRV), a key metric, peaked at 4.83 and 3.97 in previous bull markets. Currently, the MVRV ratio has only reached 2.78, indicating that BTC has not yet entered the overvalued zone. This is indicative of the world’s leading cryptocurrency’s potential to increase prices.

After a prolonged period of sideways movement and adjustment that lasted more than two months since bitcoin entered the overheated section in March 2024, CryptoQuant predicts a likely upward trend starting in June.

The asset increased approximately 152% over the past year. More than 60% of the growth in 2024 alone has been driven by the approval of spot Bitcoin ETFs in January and the recent halving event.

Stable price range for Bitcoin

All eyes are on the Federal Reserve’s prospects for rate cuts. Market participants believe these actions could trigger a rally in the stock market. This expectation also extends to bitcoin, which behaves like a speculative asset that tends to rise when borrowing costs are low.

The record high BTC reached in 2021 was mainly due to very low interest rates, which later reversed when the Fed started to tighten its monetary policy.

A similar sentiment was echoed by Galaxy CEO Mike Novogratz, who in a recent interview discussed the impact of the recent halving and mass adoption of ETFs on price trajectory of bitcoin in the first quarter of the year, adding that market attention has taken place. moved to Federal Reserve stocks on interest rates.

Novogratz also noted that until the Fed cuts short-term interest rates, bitcoin is expected to trade in a range of $55,000 to $73,000, indicating a period of relative stability influenced by more economic policies. wide

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