Data Hints Bitcoin Price “Really Close” to Bottom

Data shows we may have laready seen the bottom or be “really close”to one – also, buying the dip has rarely been more profitable

Bitcoin hodler data hints BTC price ‘really close’ to bottom — analysts

“With many sources calling for BTC/USD to dip to $14,000 or lower, bullish takes on current price action are few and far between.

For Puell, however, dynamics between long-term (LTHs) and short-term holders (STHs) hint that the situation is not necessarily as bearish as many fear.

Highlighting the cost basis for each group, Puell showed that those who have been in the market longer paid less as a whole for their BTC than recent investors.

With Bitcoin at multi-year lows, the pain thus lies with STHs more than LTHs. Capitulation selling from the former could thus have already expressed itself.

‘imo, high likelihood we either had or are really close to a bottom,’ popular analyst Root responded.

Those looking for a profitable ‘buy the dip’ opportunity on Bitcoin nonetheless may be in luck, according to another popular on-chain metric, the Mayer Multiple.

As of June 22, the indicator, which shows how far below the 200-day moving average (DMA) current spot price is, is hinting that return on investment rarely gets better.

At 0.5, the Multiple is 50% below the 200 DMA, and has been lower just 2% of Bitcoin’s lifetime.”


Master Asked on June 23, 2022 in Bitcoin.
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