On-Chain Data Suggests Bitcoin Bottom Comparable To Previous Cycles
As the eyes of the crypto community turn to tomorrow’s Federal Reserve FOMC meeting, an on-chain analysis by Glassnode suggests that the bottom just needs to be hammered out. In their weekly report, the firm states that a number of metrics are currently bouncing, making a relatively consistent argument that the bitcoin market has hit a bottom. In this regard, the current numbers are “almost textbook” comparable to previous cycle lows. To back up the claim, Glassnode consults the Mayer Multiple and the Realized Price. The latter of the two metrics calculates the....
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On-chain data shows the Bitcoin supply in profit has dropped to just 55% recently. Here’s what historical trend suggests regarding if a bottom has already been hit or not. Around 45% Of The Bitcoin Supply Is Underwater Right Now As pointed out by an analyst in a CryptoQuant post, during past cycles the supply in […]
Despite the macroeconomic headwinds, the Bitcoin price has been holding up far better than the traditional markets in recent weeks. As Bitcoinist reported, Bitcoin showed strength just yesterday once again. As the US Federal Reserve sent rather hawkish signals during the FOMC presser, causing the S&P500 to plummet by 2.5%, BTC managed to hold above the psychologically important $20,000 mark. Bitcoin Whales Stacking Sats As the on-chain data indicates, whales may be responsible for the recent weeks’ performance. As an anonymous analyst wrote via Twitter, about 9 new addresses with....
A reading of the historical data paints a promising picture for Bitcoin's potential growth in 2021. Analysis of Bitcoin (BTC) price action dating back to 2011 suggests the coin price could next top out somewhere between $75,000 and $306,000, research from Kraken shows.Based on one reading of a logarithmic growth curve that connects historical tops and bottoms, a coin price of $75,000 would signal Bitcoin’s entry into overbought territory, marking the end of its current bull run.“Based on previous cycles, Bitcoin could likely continue appreciating gradually in price before ultimately going....
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Comparing past crypto cycles shows there is a clear pattern, and Bitcoin seems to be nowhere near the top right now. Bitcoin researcher Dor Shaher has pointed out on Twitter that there is consistency in the way correction periods have played out in previous cycles. Bitcoin Price Growth Since Cycle Low Here is a chart […]