Many on-chain indicators signal the bottom of the bearish phase of the cryptocurrency market, it follows Arcane Research Analytical Report.
Back in July Puella multiplier it fell in mid-December 2018, when bitcoin was trading just above $ 7,000.
A similar signal is shown by the long-term metric RHODL reportwhose current values coincide with the signs of the beginning of 2019, the bottom of the bearish phase of the previous market cycle.
Indicator Back-up risk reached its lowest point on record. This means that long-term investors have little or no motivation to sell digital gold.
“The low reserve risk values indicate that coins are piling up (hodlers spoil) despite falling prices,” Arcane Research explained.
MVRV indicates that capitalization realized bitcoin over the market. Previously, equally low levels of the indicator coincided with the extremes of previous bearish phases.
According to the researchers, the current values of the indicators “show a very attractive entry point for investors who are poised for a new wave of Bitcoin strength.”
Former Galaxy Digital founder Mike Novogratz expressed an opinionthat the current bearish phase could last up to six months longer.
Read the ForkLog bitcoin news in our Telegram – News, courses and analysis on cryptocurrencies.
Found an error in the text? Select it and press CTRL + ENTER
