On-Chain Data Suggests Bitcoin Bottom Comparable to Previous Cycles

Is the bottom in? Bitcoin is sitting at $20525 this morning.

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 acquisition price per coin. This allows to determine whether the overall market shows an unrealized loss which is the case when the spot price is below the Realized Price.”



Master Asked on November 1, 2022 in Bitcoin.
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