Analyst: Adjusted MVRV indicator shows Bitcoin has entered a bull market phase

TechFlow reports that on September 26, CryptoQuant analyst Axel Adler Jr. stated that the ratio of the 30-day moving average of the adjusted MVRV to its 365-day moving average crossed above its 365-day moving average on August 20, marking Bitcoin's entry into the early bull market phase when it was priced at $71,255. This phase lasted 31 days, during which Bitcoin rose 13%.

On September 20, the ratio broke above the 1.0 baseline, indicating that the short-term MVRV mean exceeded the annual mean, and the market entered the bull market phase when Bitcoin was priced at $80,691. The ratio currently stands at 1.018, with Bitcoin priced at $84,156; as long as the ratio remains above 1.0, the bullish structure will remain intact.

Since 2012, this marks the sixth occurrence of a transition from the early bull phase to the bull phase. Of the previous five instances, prices ultimately finished higher than the entry level in four cases, with the sole exception being August 2015.