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An-Chain Indicator Suggests Bitcoin (BTC) Bottom Is Near As A New Phase Of Accumulation Is Underway: Analyst Benjamin Cowen

Crypto analyst Benjamin Cowen says an on-chain indicator suggests that Bitcoin (BTC) could be about to enter an accumulation phase.
Cowen tells his 754,000 YouTube subscribers that the Market Value to Real Value Z-Score (MVRV Z-Score) has a “pretty decent track record” of identifying zones of accumulation for Bitcoin.

The MVRV Z-Score compares an asset’s market value to its realized value and is used to identify overbought or oversold conditions. It is calculated by the market capitalization is taken, the realized cap subtracted, and then divided by the standard deviation of the market cap.

explains Cowen,

“The point is, once it goes below, say, zero, you could argue that it actually resets. Eventually, once it falls below zero, we find some kind of market cycle bottom and go into an accumulation phase, and we prepare for the next bull run.

You can see that the MVRV Z-Score has actually fallen below zero recently, but you can also see if you zoom in here that it’s not necessarily down yet…

In hindsight, of course, it will tell us. But there’s just no way of knowing if the bottom is in yet. Based on previous bear markets, you can see that each other bear marketthat bitcoin had was ultimately actually lower than it is now when looking at the MVRV Z-Score.”

Bitcoin is trading at $20,331.33 at the time of writing. The top-rated crypto asset by market cap is down more than 1% in the last 24 hours.


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