Is the current price the market bottom of Bitcoin?
We examine the answer to this question based on 3 on-chain ratios.
The NUPL value has been lower than 0.25 and 0 in the previous market bottoms. The NUPL is 0.37 now and is in a downtrend.
Therefore bitcoin is likely to experience lower values ​​before the start of the next uptrend.
The MVRV ratio Says “No” to this question. The MVRV value at the bottom of the market is historically less than 1. The current price (MVRV = 1.6) is probably not the market bottom
The chart shows the SOPR for Bitcoin . Historically, values less than 0.98 have determined the bottom of the market. SOPR is now “1” and has a downtrend, Which can signal further price reduction.