‘No emotion’ — Bitcoin metric gives $35K as next BTC price macro low
Bitcoin market participants should not act on emotion, one trader advises as long-term data continues to fit with previous bear markets. Bitcoin (BTC) is showing textbook macro bottom signs in a “business as usual” bear market, data suggests.In fresh findings published on Oct. 13, popular Twitter trader Alan revealed that BTC price action is closely mimicking prior cycles.Trader on Stoch data: "Don't be shaken out"While some are concerned about the current state of Bitcoin and crypto markets, on-chain indicators have long suggested that the 2022 bear market is comfortingly similar to....
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It's a slow grind for long-term holders with no significant macro top or bottom in sight, the Reserve Risk metric suggests. Bitcoin (BTC) investors are famous for their ability to "hodl" through price dips, but new data sheds light on how long they may be prepared to continue.In a tweet on Jan. 16, on-chain analytics firm Glassnode noted that holder behavior currently mimics how Bitcoin behaves during the least extreme part of its price cycles.Reserve Risk: Bitcoin price ‘depressed,’ hodlers hodl onReferring to its Reserve Risk ("R-Risk") metric, Glassnode argued that current buying and....
Bitcoin’s network momentum, a metric that tracks on-chain volume, has stalled in recent months. Some see this trend as a concerning sign for BTC’s long-term trend. This may not be a concern as there are certain trends suppressing the metric, analyst Willy Woo says. Bitcoin Momentum Stalls But It’s Not the End of the World Despite resilience in Bitcoin’s price, exemplified by the recent price action and the macro rally from the March lows, network […]
The "Whales Supply Shock" metric has been pretty accurate in detecting Bitcoin market tops. Bitcoin's (BTC) biggest investors have been lately upping their reserves in sync with the ongoing price recovery, one Glassnode metric suggests.Dubbed as "Whale Supply Shock," the on-chain indicator represents the ratio between the amount of Bitcoin held by "whales" and "fishes." Whales represent addresses that hold between 10,000 BTC and 100,000 BTC, while fishes are those that hold anything between 0.001 BTC and 1,000 BTC.A rising Whale Supply Shock reading indicates a higher degree of....
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,....
Data from Bitcoin's Mayer Multiple suggests low risk/return conditions at current levels, but macro conditions still trouble long-term optimism. Bitcoin (BTC) is attempting to reclaim a key long-term moving average, but the time to buy is before, not after, one metric hints.In a series of tweets on March 29, on-chain monitoring resource Ecoinometrics eyed a classic entry for BTC/USD as flagged by the Mayer Multiple.Mayer Multiple nears pivotBitcoin price strength has endured as the week gets underway, the largest cryptocurrency putting in its highest levels of 2022 overnight.Some key....