Crucial On-Chain Trend Suggests Bitcoin Could See a Trend Reversal

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Bitcoin could soon see a bullish trend reversal as an on-chain indicator suggests it will do so. The on-chain indicator has predicted a number of notable price trends over the past few years. For one, during 2017’s bull market, the indicator formed a number of bounces off the 1.0 reading. Other fundamental trends also suggest that the prevailing Bitcoin trend is bullish. Bitcoin Could See a Bullish Trend Reversal Very Shortly: Key On-Chain Analysis Bitcoin may be primed to see a pivotal bullish bounce as a key on-chain indicator reaches a historical reversal point. As shared by Glassnode CTO and co-founder Rafael Schultze-Kraft, BTC’s short-term holder MVRV ratio is reaching the historical reversal point of 1.0. The ratio tracks if short-term Bitcoin investors currently think the coin is over or undervalued. Per Schultze-Kraft, the fact that the ratio is nearing a value of 1.0 suggests Bitcoin may soon bounce: “#Bitcoin…

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