Bitcoin (BTC) investors are likely at the start of the historic accumulation phase, says Messari CEO Ryan Selkis

[ad_1]

Ryan Selkis, founder and CEO of crypto intelligence firm Messari, said on-chain signals emit a buy signal for Bitcoin (BTC).

In an interview with financial publication Barrons, Selkis said the Market Value to Realized Value (MVRV) indicator suggests investors are in the early days of a long-term accumulation phase, exhibiting behavior similar to where it bottomed out in previous down cycles. .

An MVRV that reaches 3 means sell right now and an MVRV below 1 means start accumulating for cryptos all of bitcoin history. Where are we now? January 2015. December 2018. that is, territory Sell a kidney to buy more.

MVRV is a ratio of an asset’s market capitalization to its realized capitalization and is used to assess whether an asset is priced above or below fair value.

Last week, Selkis said other bullish catalysts for Bitcoin included the halving expected in the first half of 2024 as well as Bitcoin’s neutrality and global acceptability.

“Bitcoin is in a historic buy range in terms of MVRV – seen only three times in the past decade: January 2015, December 2018, and March 2020.

We’re also 18 months away from the halving, and bitcoin is the only crypto considered an “out of the money” candidate for USD reserve skeptics.

Selkis also tells Barrons that as Bitcoin begins to act more like a credible neutral reserve asset, “it could reach a price of $500,000 once it hits parity with gold.

“Bitcoin parity with gold would yield a 25x return, so there’s a lot to like about adding a 4% position in digital gold for every ounce of gold you buy. At today’s prices, the Bitcoin-gold parity would net us $500,000 Bitcoin.

Bitcoin is trading at $16,655 at the time of writing.

Don’t miss a beat Subscribe to receive crypto email alerts straight to your inbox Check price action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest headlines Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Generated Image: Midjourney

[ad_2]