Bitcoin (bitcoin) may have seen a bottom in prices or “very close” to a bottom, and analysts see new data to watch this week.
In a Twitter thread on June 22, it was known that indicator creator David Puell has revealed what he thinks the current bitcoin buying and selling “looks interesting.”
The “high likelihood” bottom is at
With many sources calling for BTC/USD to drop to $14,000 or lower, bullish action on the current price action is rare.
For Puell, however, the dynamic between long-term (LTH) and short-term holders (STH) suggests that things aren’t necessarily as pessimistic as many feared.
Highlighting the cost basis for each group, Puell showed that those who entered the market were paying less overall for their BTC than recent investors.
With Bitcoin at multi-year lows, the pain is in STH and not LTH. So, a capitulation-style sell-off in the former may have manifested.
“imo, there’s a good chance we’re at or really near the bottom,” popular analyst Root responded.
LTH realized price: $22,200.
STH realized price: $31.7k.https://t.co/1YEGkriVAJ
— David Poole (@dpuellARK) June 22, 2022
as Cointelegraph reportHowever, even LTH (defined as wallet entities holding coins for 155 days or more) has been distributed to the market in recent weeks.
Mayer Multiple nears historical bottom line
According to another popular on-chain metric, those looking for lucrative “buy the dip” opportunities on Bitcoin may be out of luck Mayer Dow.
As of June 22, the indicator shows how far current spot prices are below the 200-day moving average (DMA), implying that ROI will rarely improve.
The multiple is 0.5, which is 50% lower than 200 DMA and only 2% lower in Bitcoin’s lifetime.
“The macroeconomic situation is different this time, but it’s something to watch,” crypto entrepreneur Kyle Chasse Comment in numbers.
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