Bitcoin (BTC) is bottom by historically accurate on-chain indicator suggesting says analyst Benjamin Cowen
Closely watched crypto analyst Benjamin Cowen says a historically reliable on-chain indicator is showing that a bottom is here or very close for Bitcoin (BTC).
In a new interview with Kitco News, Cowen pulled out Bitcoin's supply in a profit and loss chart, which shows the proportion of BTC coins that are giving holders a profit or loss. Popular analyst says that the supply in profit and loss figures for BTC has coincided with long-term tops and bottoms.
Cowen also said that if BTC sees another drop or perhaps a speculative event, this indicator will clearly suggest that a bottom is in.
“Some of the charts that I think are the most interesting are things like providing profit and loss. One of the interesting things about this chart is that historically, Bitcoin didn't bottom until they crossed. Until after they pass.
They passed yesterday. For the first time this cycle, they passed yesterday. And you can see a very cyclical pattern here for Bitcoin supply and profit and loss. The bottom occurs after they intersect. When it comes up here, generally that's when you want to scale as we continue to push those new all-time highs, so for me this is an indicator that if we If I fall one more step, there's a lot of evidence that could be a big bottom.
This is one of the indicators that we can aim for. "
At the time of writing, Bitcoin is changing hands at $21,673, up about 10% over the past seven days.
Sep 11, 2022