Bitcoin has broken a weeks-long stagnation with an 11% rally, signaling a notable shift in market momentum. This move has drawn renewed attention from traders eager to re-enter the market. However, a prominent analyst warns that the current phase may not be the right time to buy.
In a recent analysis, CryptoQuant's GugaOnchain examined key on-chain metrics to assess market conditions. The analyst highlighted the Market Value to Realized Value (MVRV) ratio, which currently sits above its 30-day moving average. This suggests the recent upward price movement has gained some validity.