Bitcoin is ‘very bullish’ at $23K as analyst reveals new Bitcoin price metrics

bitcoin (BTC) remains firmly “bullish” at $23,000, according to new on-chain metrics from one of the best-known names in the industry.

in preview On January 28, market cyclist and on-chain analyst Cole Garner revealed “back-tested and validated” Bitcoin trading tools.

Garner: Bitcoin price signals should excite the bulls

While BTC/USD is trying to Pay with liquidity Above $23,000, debate rages over whether or not a BTC price correction is significant.

For Garner, who gave a snapshot of several trading signals to Twitter users over the weekend, there is no doubt that the picture is quite green.

“They sound very optimistic at the moment,” he summed up in part of the accompanying caption.

single scale Compares the ratio of BTC to stablecoins via exchanges. This has reached multi-year highs, a screenshot appears to show, surpassing the peak of any event since early 2020.

Garner claimed that it is “rarely ever wrong,” while not providing additional details on how it works.

Traditionally, high stablecoin liquidity indicates continued bullishness, with funds “waiting in the wings” to enter bitcoin or other crypto assets.

Garner provided the on-chain volume ratio in profit, reaching its highest levels in at least three-and-a-half years.

It generates trading signals faster, with a longer track record. Repeat Repeat.

According to the latest data from the on-chain analytics company glassRealized profit against realized loss continues to organize an expected rebound in line with the price action.

As Cointelegraph reported, the net unrealized gain and loss — the portion of the BTC supply that is not transacted — has Turnaround This Month Thanks to Bitcoin Gaining 40%.

The miners are shot in a post-surrender explosion

More optimism focused on recovery among bitcoin miners.

Related: Bitcoin hash rate hits new milestone with miners trading at a one-year low

According to the popular Hash Ribbons metric, the bitcoin mining sector has I recently got out of a quitting period That ensued as a result of the BTC price drop after FTX.

Hash bars use the hash rate to determine miner stress periods. These recoveries have historically coincided with bitcoin price “corrections”, as described this week by global macro and digital asset management and investment firm Wakem Capital Management.

Twitter Wakim explained to Glassnode data that the latest exit from the capitulation came just before FTX, depriving bitcoin bulls of the gains traditionally associated with the event.

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