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Cointelegraph flashes ‘bottom’ with 3 historically accurate Bitcoin-on-chain metrics


3 historically accurate Bitcoin-on-chain metrics are flashing “bottom”

(BTCAs traders examined macro indicators suggesting that the Federal Reserve would continue to raise rates, a number of riskier assets (e.g. ) fell on Oct. 21. Nonetheless, the pair remains rangebound inside the $18,000–$20,000 price range, showing a strong bias conflict in the market.

BTC’s value has not fallen below $18,000 since June 2022 when it tested the support level. Analysts have noticed that BTC’s price has not fallen below $18,000 since June 2022, when it first tested the support level. Believe The cryptocurrency is at its bottom, as it has already corrected by more than 70% from its record high, $69,000, almost one year ago.

Daily chart of BTC/USD price. Source: TradingView
Bitcoin’s historical drawdowns. Source: Arcane Research
Bitcoin MVRV Z Score. Source: Glassnode
Bitcoin Reserve Risk vs. price. Source: Glassnode
Bitcoin Puell Multiple vs. the price Source: Glassnode