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

Bitcoin is ‘very bullish’ at K 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 his “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.

one 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 about how it works.

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

Annotated BTC/USD chart. Source: Cole Garner / Twitter

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.

Annotated BTC/USD chart. Source: Cole Garner / Twitter

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

Bitcoin Realized Net Profit/Loss Chart. Source: Glassnode

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%.

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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 which followed as a result of the Bitcoin 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 global macro and digital asset management and investment firm Wakem Capital Management described this week.

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

Bitcoin Hash Ribbons infographic. Source: Wakim Capital Management / Twitter

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.