Bitcoin Bull Market Just Getting Started, Says LookintoBitcoin Founder
The founder of LookintoBitcoin, Philip Swift, believes that the Bitcoin bull market is far from over and has a long way to go. He supports this bullish view by pointing to the MVRV Z-Score, a popular on-chain metric that currently sits at 2.87.
Bitcoin Bulls Driving Prices to New Highs
Bitcoin bulls have been relentless in pushing prices to fresh all-time highs. On March 11, the coin reached a new peak of $72,800 after surpassing $70,000 the previous week. The bulls remain confident and expect further gains and new all-time highs in the near future.
As this rally continues, the MVRV Z-Score remains low but is gradually rising as of March 12. This metric is often used by on-chain analysts to assess the stage of the bull cycle and determine if Bitcoin is undervalued relative to its fair value.
Historically, the MVRV Z-Score has been useful in identifying when spot rates have exceeded the realized value. The realized value represents the average price paid by holders for all circulating coins. According to LookintoBitcoin data, the current MVRV Z-Score is 2.87, up from 2.82 when Swift shared his post on X. During the last bull cycle in 2021, when Bitcoin prices reached all-time highs, the score was over 5.
With a low MVRV Z-Score reading, it suggests that bulls still have more room to drive prices higher in the upcoming sessions. This also indicates that the current all-time high of $72,800 will likely be surpassed as prices continue to soar.
The growing bullish sentiment surrounding Bitcoin is further supported by the increasing confidence in the market and the accumulation of Bitcoin by institutional players.
Institutional Accumulation of Bitcoin
MicroStrategy, a business intelligence firm listed on Nasdaq, has been actively accumulating Bitcoin. The company currently holds 205,000 BTC, worth over $9 billion, which they acquired at an average price of less than $34,000. Between February 26 and March 10, MicroStrategy purchased an additional 12,000 BTC.
In addition to MicroStrategy, spot Bitcoin exchange-traded fund (ETF) issuers are also accumulating more coins on behalf of their clients. According to Lookonchain data, BlackRock recently acquired 4,853 BTC, bringing their total holdings close to 196,000 BTC.
Hot Take: Bull Market Continues with Strong Institutional Support
The Bitcoin bull market shows no signs of slowing down, with the MVRV Z-Score indicating further upside potential. As prices reach new all-time highs and confidence grows in the market, institutional players like MicroStrategy and BlackRock continue to accumulate Bitcoin. This institutional support adds to the bullish sentiment surrounding the world’s most valuable cryptocurrency.
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