Although some analysts still expect Bitcoin (BTC) to fall, it seems that fundamental and chain metrics mean that the bull has the advantage.
Bitcoin is ready to move on
Adaptive capital partner Willie Woo recently noted that the momentum within the chain, which popular analysts have long claimed to be correlated with the macro trends of Bitcoin prices, follows a decline of several months “sharply.” “territory”.
Woo did not name the indicator he was using or the description of the indicator since they are “owners” of his fund. Although the chain analyst emphasized that the momentum of investors was beginning to recover.
With this in mind, he said: “The fund is very likely”. This means that any move below $6,500 “would be just a wick in the macro view”. He said the anonymous indicator also means that cryptocurrency investors will like it. Start exposing the impending “stop” of the block rewards writing that will take place in May 2020.
Woo is not the only information that BTC chain metrics have begun to favor the bull.
Philip Swift, founder of the Look in Bitcoin cryptocurrency analysis site, recently published a 10-part thread. In which he mentioned that Bitcoin price bias remains positive due to a confluence of factors.
One of those factors is the Bitcoin network momentum indicator, which tracks the movement of currencies to determine the use of the network. Which has begun to have a high-level trend, closing market levels. This often seen six to 10 weeks before the start of a bull market, Swift said.
There is also Glasnode, an encryption-focused chain intelligence company that recently noted that. Its metrics show that Bitcoin has fallen and scheduled to return higher in a “strong” way.
One of those metrics that Gleason called attention to that the market value with respect to the realized value (MVRV). The relationship between market capitalization and real capitalization “consolidated for one”. This means that Encryption assets r profitable for investors it being done. A reading of the relationship to one is often the bottom mark for the cryptocurrency market.