Bitcoin Flashes Signal Seen at Start of 2019 and 2023 Bull Markets

BTCUSD — cautiously bullish, but not confirmed. The MVRV ratio moving above its 365-day average suggests Bitcoin’s valuation momentum has improved; similar crossovers occurred near the starts of the 2019 and 2023 advances. But those rallies took different paths, so the comparison is context—not a reliable forecast. The indicator also does not establish that fresh buying will continue.

The near-term test is whether demand absorbs potential selling from holders whose coins were acquired around $83,000–$86,000. The article reports strong U.S. spot-ETF inflows on September 21, a supportive demand signal, while Glassnode identifies $95,000–$97,000 as a major test if the advance continues. Watch for sustained ETF inflows and price acceptance through overhead supply; rejection or fading flows would weaken the recovery case.

For broader crypto, the signal is less conclusive: many altcoin holders remain underwater, so BTC strength may not translate into a durable, broad-based rally. Overall, the news improves Bitcoin’s medium-term recovery narrative, but confirmation depends on follow-through demand; the historical analogy alone does not settle direction.