Analysts pointed to the signs of the formation of the bottom of the price of bitcoin
Based on the analysis of behavioral patterns, market structures and hens, the end of the bear market is approaching. This is written by Glassnode analysts.
According to experts, it may take several months to end the current phase.
Bitcoin has been consolidated in a narrow range for more than 120 days, without responding to the increased volatility of traditional financial markets.
Experts drew attention to the largest outflow of Bitcoin-Birzha funds belonging to whales since June 2022 (15,700 BTC). The behavior of large market participants, as a rule, indicates the direction of price trends, they added.
According to analysts, the realized price in the context of “whale” operations associated with exchanges is $ 15,700. This is a “psychologically important” price level.
By metric of the total supply, the market has approached the cyclic bottom. Correct for inactive more than 7 years 3.7 million BTC, this share was 39%. In 2019 and 2022, the reversal occurred when the indicator was 32% and 37%, respectively.
NET Unrealized Profit/Loss (NUPL) indicator with the “lost” 3.7 million BTC dropped to -0.39. Metric struck the threshold level of -0.25, which indicates the underestimation of the market.
In the field of “surrender” (below zero) NUPL is already 119 days. In previous bear phases, this period was 138 and 301 days (with the exception of shock at the time of the Pandemia of March 2020, 9 days).
The indicator of the “unprofitable” sentence (31%) coins a month and a half ago overcame the threshold of 20%. This indicates the probable passage of the moment of surrender by long -term investors. Earlier, the market for a turn required six to ten months to return metric below 20%, which coincided with a cyclic turn.
Recall, on October 7, after a report on the labor market in the United States, the price of bitcoin failed below $ 20,000.
Previously ex-controlled Cramer hedge fund & Co. and the host of the Mad Money show on the CNBC channel Jim Kramer said that due to toughening the monetary policy, speculative instruments like digital assets will occur.
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