Bitcoin (BTC) has experienced significant pullbacks following the new ATH above $123,000 seen in July.
While Bitcoin, which has been in a cooling period after the last ATH, continues to trade in a narrow range, it is stated that Bitcoin’s implied volatility index (BVIV) has fallen to its lowest level since September 2023.
Experts stated that this situation indicates a bullish potential in Bitcoin, citing previous data.
At this point, experts pointed out that the BVIV index last reached its lowest level in September 2023, and reported that on this date, BTC started at approximately $ 26,000 and then doubled in price, increasing by almost 50%.
According to the data, the 30-day implied volatility index (BVIV) for BTC has fallen to 40.84, falling below the threshold of 45. Historically, this zone has signaled periods of accumulation or local bottoms, followed by strong upward movements.
Moreover, since the second half of 2022, when the BVIV remained below the 45 level at the weekly close, BTC prices have generally shown an upward trend.
If history repeats itself, Bitcoin could once again be preparing the ground for another upward breakout, according to the BVIV indicator.
Finally, Glassnode reported that even short-term investors (STH) in the market are holding their Bitcoin, not selling it.
The Market Value/Realized Value (MVRV) ratio for short-term investors currently stands at 1.19, below the cycle peak of 1.33 recorded in November 2024. This suggests that investors are avoiding speculative risk, preferring to wait for further gains rather than exit the market for small profits.
*This is not investment advice.