On June 5, Bitcoin dropped 4% due to social media disputes but demonstrated a quick recovery. Analysts believe the 1000-day RSI indicates ongoing bullish momentum, suggesting that Bitcoin’s bull run could continue.
The MVRV analysis shows Bitcoin hasn’t surpassed the 3.2 times multiple of the realized price, typically a market peak indicator. Comparisons with past cycles suggest Bitcoin could be on the brink of significant upward movement.
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