Like most cryptocurrencies, Bitcoin [BTC], the number one in currency has also shifted to an upward trend over the past 24 hours. Therefore, let’s evaluate some key metrics of BTC to determine whether it is still an opportune time for investors to purchase BTC.
Is now the right time to buy Bitcoin?
IntoTheBlock, a provider of analytics and metrics, recently posted a tweet highlighting an important metric. The tweet discussed BTC’s MVRV ratio, indicating that whenever this metric drops below 1, it presents an opportunity for investors to accumulate. Similarly, when the MVRV ratio exceeds 3, it’s a prime time for investors to sell. At the time of reporting, BTC’s MVRV ratio stood at 1.93.
Subsequently, we examined the Bitcoin Rainbow Chart to see what insights it might offer. Our analysis indicates that BTC’s price is currently in the “accumulation” phase, signaling that this is an opportune time to stock up.