Bitcoin on-chain data shows 5 reasons why the BTC bottom could be in
On-chain analysis gives compelling reasons why BTC price could be in the final stages of a bottoming process. After a whirlwind November for Bitcoin (BTC), certain on-chain and Bitcoin price metrics are suggesting that BTC’s bottom could occur in December. In Capriole Investments' latest report, they provide analysis on Bitcoin finding the bottom. When taking into realized value, miner capitulation, mining electrical costs, downdraw and record hodler numbers, a BTC floor of $16,600 - $16,950 seems formed. Here are five reasons why Edwards believes Bitcoin price is coming closer to a cycle bottom. SLRV Ribbons flash a buy signal The SLRV Ribbons track investment flows by combining the 30-day and 150-day moving averages to the SLRV Ratio which is a percentage of the Bitcoin moved in 24 hours divided by BTC held for 6-12 months. Bitcoin SLRV Ribbons. Source: Glassnode According to Charles Edwards, the SLRV Ribbons outperform the BTC HODL strategy, making it a strong indicator of whe...