На графике биткоина появилось новое подтверждение медвежьего тренда Translation: Bitcoin Chart Shows New Confirmation of Bearish Trend

The on-chain metric MVRV has formed a «death cross», suggesting a potential weakening of the upward momentum for the leading cryptocurrency. This insight was provided by analyst CryptoQuant, using the alias Yonsei_dent.

According to him, there has been a clear crossover between the 30-day and 365-day moving averages of the indicator. The last time such a bearish movement was recorded was at the peak of the 2021 cycle, followed by a 77% decline from $69,000 to $15,500 in 2022.

Analyst Ali Martinez concurred that the MVRV «death cross» signals a shift in macro momentum from positive to negative.

Despite the bearish indication, other on-chain metrics suggest that Bitcoin’s current rally is not overheated.

For instance, the MVRV Z-Score remains significantly below levels historically associated with market tops. This metric reflects the difference between an asset’s market value and its realized value.

«When it is high (red zone), people are sitting on massive profits and typically sell. When it is low (green zone), users are at a loss, and smart money buys,» clarified the analyst known as Stockmoney Lizards.

The #Bitcoin MVRV Z-Score — which I believe is the most critical on-chain metric — reveals the true narrative of our position in the BTC cycle.

MVRV indicates the disparity between Bitcoin’s market capitalization and what individuals actually paid for their coins (realized cap). The Z-Score normalizes… pic.twitter.com/vpntAXyetY

Historically, macro peaks in the market have coincided with the MVRV Z-Score in the range of 7 to 9, while the current figure rests around 2.

«We haven’t even come close to the danger zone. People don’t have the massive unrealized profits as seen in previous peaks. This indicates that we still have room for growth,» added the expert.

SkyBridge Capital founder Anthony Scaramucci has predicted a potential 40% drop in Bitcoin’s price before it hits $500,000. He views such volatility as an inherent characteristic of the cryptocurrency market.

Despite the warning of a correction, Scaramucci remains optimistic, expecting the price of the first cryptocurrency to reach half a million dollars within the next five to six years.

He advised investors to hold onto their assets and avoid repeating his past mistakes.

«If you have a great asset, and I consider Bitcoin to be one, hold onto it. I sold shares of Apple, Amazon, Microsoft, Nvidia. […] The mistakes I’ve made in my career involved selling great assets too early. Learn from my 37 years on Wall Street, learn from my mistakes,» stated Scaramucci.

One early Bitcoin investor sold 2,000 BTC to acquire 48,942 ETH with the proceeds, amounting to $215 million in spot market transactions, as noted by analysts at Lookonchain.

This Bitcoin OG has sold another 2,000 $BTC ($215M) and bought 48,942 $ETH ($215M) spot over the past 4 hours.

In total, he has bought 886,371 $ETH ($4.07B).https://t.co/qtQdgPt2CQ pic.twitter.com/ymvyHyirFo

With his latest transaction, the investor has purchased 886,371 ETH valued at $4.07 billion.

Demand for Ethereum continues to remain strong despite the price correction. Analyst crypto sunmoon noted that Bitcoin reserves on Binance are stable.

ETH Maintains Strong Interest Despite Correction

“Divergence suggests stronger demand for Ethereum compared to Bitcoin, indicating that market participants are actively accumulating ETH even during the current price consolidation.” — By @t0_god

Link https://t.co/JqFHkSeEAO pic.twitter.com/rcQ1jVcIum

Meanwhile, Ethereum reserves are showing a consistent downward trend.

The expert believes that the divergence indicates a stronger interest in Ethereum relative to the first cryptocurrency, as market participants actively accumulate ETH during the price consolidation phase.

It’s worth noting that in August, analysts from 10x Research stated that the likelihood of Bitcoin rising to $200,000 is «extremely low.»

Later, IG Market analyst Tony Sycamore pointed out the «dual nature» of the leading cryptocurrency.