Analysts say it's a good time to buy bitcoin as onchain indicators are signaling undervaluation, reports godbole17
It's time to start stacking bitcoin again. That's the message from indicators tracking tokens sold by miners and comparing the cryptocurrency's market value to its fair value.
"Entering the green zone is a good time to average in, and for those more conservative, you can also wait for confirmation with a move out of the accumulation zone," analysts at Blockware Intelligence said in a newsletter published on Sunday. The Puell Multiple has dropped into the green zone between 0.3 to 0.5, signaling the undervaluation of new coins.
CryptoQuant's Moreno said,"Miner flows continue to represent an important volume of bitcoin flowing to exchanges, and the Puell multiple is calculated using the USD value of new bitcoin issued, which is higher on average than it was in 2018 or 2014-15."moving average crossoversThe MVRV Z-score, which measures the deviation of market value from realized value and is another indication of undervaluation, turned negative in mid-June.
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