A CryptoQuant analyst reckons that Bitcoin remains in the bull market despite the recent 50 percent correction.
"Bitcoin is still in the bull market"
Analyzing the MVRV cycle, CryptoQuant data shows that, since 2013, periods during which Bitcoin was declining (often dropping heavily) were the best times for buying the dip prior to a rise. Thus, the CryptoQuant analyst states that Bitcoin is still in a bull market.
We are still in the bull market (MVRV 2013 Cycle)— CryptoQuant.com (@cryptoquant_com) July 23, 2021
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Previously, the analytics agency stated that the bear market for Bitcoin has not arrived as per data based on the MVRV ratio.
MVRV (market-value-to-realized-value ratio) demonstrates the ratio of the market capitalization value of an asset to its realized capitalization.
Bitcoin's further fall prevented by Musk-Dorsey conference
After rolling down to the $29,700 zone on July 20, Bitcoin has managed to recover first above $30,000 and $31,000, and it then moved higher to reclaim the $32,300 price mark.
The catalyst was the B-Word online conference dedicated to Bitcoin, featuring Elon Musk, Twitter CEO and Bitcoin maxi Jack Dorsey and CEO of ARK hedge fund, Cathie Wood.
During B-Word, the Tesla CEO revealed that he, Tesla and SpaceX all hold Bitcoin, and none of them intend to sell it. Musk also has Ethereum and Dogecoin in his portfolio.
Musk also stated that Tesla is likely to resume accepting BTC since Bitcoin proof of work (PoW)-based mining has become much greener than before.