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After the first half of 2021 was the most profitable month for crypto investors, the markets have been experiencing major corrections in the past two months. Bitcoin, which recorded a new ATH of over $60,000 during the year, could not hold on to the summit for a long time, similar to 2017. Cryptocoin. com

Biraaj T, whose analysis we often share as , interprets BTC and its future in a realistic way…

Analyst primarily touches on Bitcoin developments

Beginning his analysis with the recent history of Bitcoin (BTC), the first point that analyst Birajj T draws attention is the region of 30,000 dollars. Stating that after falling below $30,000 in June, news in many media outlets suggesting that BTC lost all its gains in 2021, the analyst adds that statistically this is true. However, according to the analyst, the sabidollarseme was excessive, almost ignoring her previous cycle. Therefore, stating that the most important point of BTC is the bearish correction, the analyst considers it normal for Bitcoin to reach its all-time high less than a few months ago.

At the same time, when analyzing the first half of 2021 for Bitcoin, it is further emphasized by the analyst that the digital asset recorded a gain of 21.16% between January 1 and June 30. On the other hand, the returns seem to be quite superior for the analyst, considering that BTC has registered a strong bullish phase. Stating that the real growth can only be observed when analyzed with the cycle and from the beginning of the first step, Biraaj T emphasizes that October 2020 marks the beginning of BTC’s upward cycle and that Bitcoin in the chart on the right above recorded 445% growth until May 19.

Analyst: The drop does not look significantly bad

In contrast to the above analysis, Biraaj T states that Bitcoin has dropped just 42%, which doesn’t look significantly bad given the growth seen over the entire cycle. Therefore, according to the analyst, it is not fair to analyze BTC’s bullish references based on the performance of the last 6 months in 2021. In subjective and on-chain data, for the analyst, currently the 2nd half presents the best aspect. Finally, according to the analyst, the bullish structure of BTC remains generally stable.

Bitcoin MVRV and SOPR market recalibrated, is it time to accumulate?

As it is known, Bitcoin MVRV has been one of the most important indicators for determining an accumulation range for Bitcoin. MVRV is calculated by dividing the market value of BTC by the realized value.

Also, historically, every time MVRV touches 1 or less, it has been proven to be a crucial reversal zone. According to the data, at the time of writing, Bitcoin is at the 1.35 level, underlining the possibility of a market appreciation in the coming weeks.

Apart from these indicators, the analyst draws attention to the Spend-Output Profit Ratio, which is a metric that shows whether a purchase is profitable or harmful, as it remains below 1. According to the analyst, this is an important sign that sellers are capitulating.

Finally, commenting on Bitcoin HODL Waves, the analyst stated that during the current rally, long-term holders have a stronger grip on the market compared to 2017. Emphasizing that in 2017, the market peaked when the long-term held supply reached an accumulation rate of 60%, the analyst added that in the last cycle, only 38% of the BTC supply was held for 180 days or less. According to the analyst, it can be clearly concluded that the current rally is focused on individual investors and the potential peak in terms of value has not yet been reached.

Analyst comments on the recovery process

The analyst interprets that the recovery process will not be fast. Stating that it will take time for on-chain fundamentals to affect price action, the analyst adds that Bitcoin will continue to trade through relatively volatile trading sessions. However, selling pressure is starting to ease and the new quarter of the year and the absence of any disruptive events disrupting the market structure for Bitcoin could support a recovery in Bitcoin in the coming weeks.

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