Data points to a Bitcoin bottom, but one metric warns of a final drop to $14K
The bear market is far from over, but according to Glassnode, several metrics suggest that Bitcoin capitulation already occurred. “When will it end?” is the question that is on the mind of investors who have endured the current crypto winter and witnessed the demise of multiple protocols and investment funds over the past few months.This week, Bitcoin (BTC) once again finds itself testing resistance at its 200-week moving average and the real challenge is whether it can push higher in the face of multiple headwinds or if the price will trend down back into the range it has been trapped in....
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BTC price gravitates around the low $30,000 zone, luring traders to believe the bottom is in, but data from Glassnode warns of another final sell-off. The bull market euphoria that carried prices to new highs throughout 2021 has given way to bear market doldrums for any Bitcoin (BTC) buyer who made a purchase since Jan. 1, 2021. Data from Glassnode shows these buyers "are now underwater" and the market is gearing up for a final capitulation event. Bitcoin net unrealized profit/loss. Source: GlassnodeAs seen in the graphic above, the NUPL, a metric tha is a measure of the overall unrealized....
The MVRV-Z Score is a tried and tested bottom indicator, but it is not back at base yet, one analyst warns. Bitcoin (BTC) needs to go lower before putting in a macro bottom, one of the market’s most accurate indicators shows.Data from sources including on-chain analytics firm Glassnode shows Bitcoin’s MVRV-Z Score is almost — but not quite — signaling a price reversal.MVRV-Z Score inches towards macro bottomAmid ongoing debate whether if, or when, BTC/USD will go beyond its current macro lows of $17,600, new figures suggest that the market easily has further to fall.As noted by Filbfilb,....
Bitcoin accumulation is in full swing during the downtrend despite BTC price having more room to drop. A Bitcoin (BTC) on-chain indicator, which tracks the amount of coin supply held by long-term holders (LTHs) in losses, is signaling that a market bottom could be close.Eerily accurate Bitcoin bottom punditAs of Sept. 22, approximately 30% of Bitcoin's LTHs were facing losses due to BTC's decline from $69,000 in November 2021 to around $19,000 now. That is about 3%–5% below the level that previously coincided with Bitcoin's market bottoms.For instance, in March 2020, Bitcoin price declined....
Data shows the Bitcoin MVRV ratio has gone down recently, but the metric’s value is still above the historic bottom zone. Bitcoin MVRV Ratio Observes Decrease, But Value Still Greater Than 1 As explained by an analyst in a CryptoQuant post, BTC may still have room for further decline before the bottom is in. The […]
Bitcoin. The bottom. Are we there yet? Several higher timeframe metrics suggest BTC’s real bottom will be somewhere around $10,000. Bear markets have historically been challenging to navigate for traders and the conventional set of "reliable" indicators that determine good entry points are unable to predict how long a crypto winter might last.Bitcoin’s (BTC) recent recovery back above the psychologically important price level of $20,000 was a sign to many traders that the bottom was in, but a deeper dive into the data suggests that the short-term relief rally might not be enough proof of a....