Attention! 3 Critical Metrics and 2 Analysts Put the Final Point on Bitcoin: It’s Going Here!
While Bitcoin (BTC) is starting to move again, 3 critical metrics and analyst comments have started to paint an optimistic picture.
Number of Active Addresses!
Jim Wyckoff, senior technical analyst at Kitco, touched on the resilience of the bulls and said, “BTC bulls have stabilized prices after seeing a two-year low last week.” However, Wyckoff believes that Bitcoin needs to protect critical support points so that it does not fall further.
The price of Bitcoin has fallen below $16,000 twice in the past month, establishing a base at $15,475. According to FTXstreet analysts, the 3 on chain metric indicates that a bottoming level has been seen in BTC. the 15.475 level has a high chance of being a local bottom for the Bitcoin price, so it could start a final bear market rally before the end of 2022.
The 24-hour active address metric fell below 1 million on June 15, which was soon followed by a drop in the Bitcoin price to $17.5953. June November 15 to Dec. 4, this number still remained below 1 million. However, this negative picture seems to be changing, as the 30-day average of active addresses has increased from 922,000 to 965,000 in the last five months. This 4.5% increase was Decelerated and shows that optimism among Bitcoin investors is coming back.
MVRV and Stock Market Exits: Happened in the Past!
Analysts also point to the MVRV metric. MVRV is an indicator that Deciphers the ratio between the market value of a crypto currency and the realized value. Looking at the 30-day MVRV indicator, it explains why there has been a steady increase in optimism among BTC investors Decisively. This on-chain metric is currently hovering around -6.2%. This number shows the average loss of all investors who bought BTC last month, and this came from -18.2% to -6.2% in just three weeks. This growth reveals that investors are counting on Bitcoin price performance, complemented by slow but steady growth in active addresses.
Finally, one of the most important on-chain metrics is the stock market flow balance. This indicator reveals the flow of BTC entering and leaving the exchanges. The transfer of BTC to exchanges means selling pressure. On November 23, there was an exit of 46,710 BTC from the stock exchanges. When there were more than 40,000 BTC outflows on June 18 and October 27, then the Bitcoin price increased by 33% and 3%, respectively. According to analysts, the biggest obstacle ahead is at $ 17,593. If this is exceeded, we can go up to $ 19,235.
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