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

Three historically accurate Bitcoin on-chain metrics flashing ‘bottom”

(BTCOn Oct. 21, riskier assets like ) and other assets fell as traders analyzed macro indicators that suggested the Federal Reserve would continue raising rates. Nonetheless, the pair remains rangebound inside the $18,000–$20,000 price range, showing a strong bias conflict in the market.

BTC’s price has not been able to fall 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.

BTC/USD daily chart. Source: TradingView
Bitcoin’s historical drawdowns. Source: Arcane Research
Bitcoin MVRV ZScore. Source: Glassnode
Bitcoin Reserve Risk vs. price. Source: Glassnode
Bitcoin Puell Multiple vs. Price Source: Glassnode