Bitcoin Bottom Zone Now Lies Around $59,000 Based On This On-Chain Metric
After weeks of renewed optimism, many in the Bitcoin market now believe the tide could finally be turning. While the premier cryptocurrency’s price action has been steadily turning around since the start of April, the current on-chain structure suggests expectations might be overestimated. According to an on-chain analyst, BTC’s recovery process is unlikely to occur in a few weeks. Bitcoin Bottom Could Take Six Months To Form: Analyst In a May 2nd post on the X platform, crypto pundit Axel Adler Jr. shared an on-chain insight into the recovery path of Bitcoin, the world’s....
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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 […]
On-chain data shows the Bitcoin puell multiple has started to leave the “buy” zone, a sign that the crypto may be heading towards bullish momentum. Bitcoin Puell Multiple Has Gone Up In Value During Recent Days As pointed out by an analyst in a CryptoQuant post, the BTC puell multiple is currently breaking out of the historic buy zone. The “puell multiple” is an indicator that measures the ratio between the daily miner revenues (in USD) and the 365-day moving average of the same. What this metric’s value tells is how much Bitcoin miners are currently making....
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....
Recent on-chain data shows that the Bitcoin price is currently at an important phase, raising suspicions as to whether the market is nearing a cyclical bottom. Mayer Multiple Falls To 0.6 — What This Means In a recent Quicktake post on the CryptoQuant platform, on-chain analyst Ruga Research pointed out that the Bitcoin price now has a 40% negative deviation from its 200-day moving average. This on-chain observation revolves around the Bitcoin Mayer Multiple. Related Reading: Bitcoin Drifts Into A Deep Conviction Zone, Smart Money Stays Patient For context, the Mayer Multiple metric....
A major narrative that is making serious waves in the entire cryptocurrency sector is the fact that the Bitcoin price may have reached a bottom. In the midst of this persistent speculation about the leading crypto asset, a key metric is taking the spotlight, providing insights regarding whether BTC has reached a bottom. Why Bitcoin […]