On-chain metrics like MVRV suggest it is time for sidelined traders to buy Bitcoin ahead of a relief rally. Analysts at Santiment identified signs of capitulation in crypto markets, supporting the thesis of a price recovery in Bitcoin and altcoins. DePin and airdrop narrative is leading the cycle; altcoins Solana, Toncoin and Cardano started recovering in the past 24 hours.
-day is currently at -2.72% and the risk associated with adding to trading positions is lower than usual. 365-day MVRV is dropping closer to 0%, however it is likely to take longer than expected for Bitcoin to hit $70,000. Either way, a recovery is most likely in the cards for Bitcoin, in July 2024. Bitcoin price and
-day, 365-day as seen on Santiment Daily active addresses Bitcoin’s network has noted an increase in the volume of interacting addresses. Santiment data shows that June ended with its highest day of active addresses in nine weeks. While Bitcoin network activity dropped off post its March 14 all-time high, signs of recovery show that it is trending back towards the peak. Higher activity is associated with relevance of the asset and demand for it among traders across crypto exchange platforms.
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