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 a Advance On Jan. 28, market cyclist and on-chain analyst Cole Garner revealed what he claimed were “tested and validated” Bitcoin trading tools.
Garner: BTC Price Signals Should Excite Bulls
As the BTC/USD pair attempts to break above $23,000, the debate is now turning to the possibility of a significant price correction.
For Garner, who offered a snapshot of various trading signals to Twitter users over the weekend, there is no question: the picture is firmly green.
“Right now they look very bullish,” he summarized in part of the attached comment.
A metric compares the ratio of BTC and stablecoins on exchanges. A screenshot shows that it has reached multi-year highs, surpassing the highs of any event since early 2020.
“It rarely fails,” Garner said, without elaborating on its mechanism of action.
Traditionally, high liquidity in stablecoins signals a bullish continuation, with funds “waiting in the wings” to break into Bitcoin or other crypto assets.
Garner presented the ratio of on-chain volume to earnings, which hit its highest levels in at least three-and-a-half years.
“It generates faster trading signals, with a longer history. It’s very bullish right now,” he reiterated.
According to the latest data from on-chain analytics firm Glassnode, realized gains vs. realized losses continue to see an expected recovery in line with price developments.
As Cointelegraph reported, net unrealized gains and losses—the part of the BTC supply that is not being traded—has also been transformed this month thanks to Bitcoin’s 40% gains.
The miners have a chance after the capitulation
Further optimism focused on the recovery of Bitcoin miners.
According to the popular metric Hash Ribbons, the Bitcoin mining industry has recently emerged from a period of capitulation that occurred in the aftermath of BTC price declines following the FTX crash.
Hash Ribbons use the hash rate to determine periods of miner stress. These rallies have historically coincided with BTC price “corrections,” as the global macroinvestment and digital asset management firm described this week; Wakem Capital Management.
tweeting Data from Glassnode, Wakem highlighted that the latest capitulation exit came just before the FTX crash, denying Bitcoin bulls the gains traditionally associated with the event.
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