Analysis: The "Best Entry Zone" for sidelined traders may be forming as BTC begins trend exhaustion

BlockBeats News, September 29th: On-chain data analyst Murphy stated that BTC is currently finding support around $108,000 in the extreme limit price range of MVRV (Market Value to Realized Value Ratio). This data presents two pieces of information: First, when BTC made its second attempt to break through $117,000 on September 18th and failed, it confirmed the end of this round of the uptrend that started in April and lasted for 4 months. Second, the trend of BTC has shown trend attenuation and has entered the next level of pricing channel, with the price running between the yellow line and the green line.

For traders who have been staying on the sidelines waiting, the potential "best buy zone" may be approaching. The analyst believes that there are two possible scenarios for the future trend:

Continuing to maintain oscillation within this channel, with the lower support still being the green line, currently around $108,000, and the upper resistance being $113,000 and $117,000. $113,000, as the average cost line for investors holding for less than 3 months, is particularly crucial;

If Bitcoin fails to break through the resistance level, the price range may be downgraded again when it retraces, entering the range between the green line and the blue line. This analysis is for learning and communication purposes only and should not be considered as investment advice.