Bitcoin price remains stuck below its former all-time high set five years ago. The shocking decline has been one of the worst crypto winters on record, and the market is bracing for continued meltdown.
However, a series of on-chain indicators in BTC could provide clues to how close we are to a bottom. Let’s take a look.
A Series Of Six On-Chain Indicators Shout: Bitcoin Bottom Is In
Bear markets are brutal in Bitcoin or otherwise, because the bottom is only known in hindsight. The feeling that markets will fall forever, creates a fear that freezes investors from buying at long-term lows.
Technical analysis is one tool that can be used to find oversold conditions or other signals that support the idea of a bottom. Unique to cryptocurrencies, is a subset of quantitative fundamental analysis that focuses on on-chain signals. Several such tools are potentially suggesting a bottom is in.
Here we have the Puell Multiple. The Puell Multiple is calculated by dividing the daily issuance value of bitcoins (in USD) by the 365-day moving average of daily issuance value.
Puell Multiple Source: glassnode
Net Realized Losses are the largest ever. Net Realized Profit/Loss is the net profit or loss of all moved coins, and is defined by the difference of Realized Profit – Realized Loss.
Net Realized Profit/Loss
