Many crypto investors are nervous about Bitcoin’s uncertainty because the cryptocurrency experienced fluctuations in its price wherein traders saw it being traded above $100,000 after which went down below $90,000.

Nonetheless, a renowned crypto analytics platform asserted that the bull market being experienced by Bitcoin just isn’t yet over, saying that it stays intact despite the ups and downs that the digital asset went through within the previous weeks.

Bitcoin Stays In Bullish Territory

A widely known digital asset analytics platform believes that Bitcoin is still inside the bullish zone despite the value correction that the virtual coin experienced.

Glassnode explained of their latest insight report the indications that showed the firstborn cryptocurrency’s bull market continues.

BTCUSD trading at $102,316 on the every day chart: TradingView.com

“Bitcoin has entered a correction phase and is trading 11.1% below its ATH of $108k. Nonetheless, the spot price remains to be trading above several key support levels, suggesting the bullish market structure stays intact for now,” Glassnode said within the report.

The crypto analytics platform noted that this circumstance is further compounded by the “relatively light levels of distress available in the market” based on the small unrealized losses held by investors.

Source: Glassnode

The Scoring System

The crypto think tank said that it used the optimized MVRV Z-score via a 1-year rolling window to gauge if the alpha coin is within the near-term bullish phase or the bearish market phase.

“In keeping with this model, we’re also still inside bullish territory, although the Short-Term Holder cost basis stays $88.4k is a key level to observe for maintaining constructive sentiment,” the crypto firm added.

In keeping with the crypto firm, MVRV gauges Bitcoin’s market value to the value at which the virtual coin was last moved to find out pricing extremes […] noting that the metric measures the number of normal deviations from its historical mean.

When Does BTC Peak?

Of their insight report, Glassnode revealed that the cryptocurrency is prone to peak at 2 standard deviations above the mean and “stays bullish so long as it trades above the mean.”

The crypto firm explained that after BTC is being traded below the mean and near 1.5 standard deviations below the mean, it’s a cue that the coin is within the bearish phase.

In keeping with Glassnode, the mean MVRV Z-score is the $91,000 price point, saying that if the crypto goes 2 standard deviations above this price point, its price is $113,000 while if it goes 1.5 standard deviations below it, BTC will align with $75,000.

Hence, the crypto think tank concluded the $99,000 per coin indicates that BTC remains to be in bullish territory.

As of press time, Bitcoin is being traded at $102,242 per coin with a complete market capitalization of over $2 trillion.

Featured image from Techpoint Africa, chart from TradingView