{"id":10055,"date":"2023-01-29T08:56:13","date_gmt":"2023-01-29T08:56:13","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=10055"},"modified":"2023-01-29T08:56:14","modified_gmt":"2023-01-29T08:56:14","slug":"bitcoin-so-bullish-at-23k-as-analyst-reveals-new-btc-price-metrics","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10055","title":{"rendered":"Bitcoin \u2018so bullish\u2019 at $23K as analyst reveals new BTC price metrics"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) remains firmly \u201cbullish\u201d at $23,000, according to new on-chain metrics from one of the industry\u2019s best-known names.<\/p>\n<p>In a preview on Jan. 28, market cyclist and on-chain analyst Cole Garner revealed what he said were \u201cbacktested and validated\u201d Bitcoin trading tools.<\/p>\n<h2>Garner: BTC price signals should excite bulls<\/h2>\n<p>While BTC\/USD attempts to push through liquidity above $23,000, the debate rages as to whether a significant BTC price correction is due.<\/p>\n<p>For Garner, who offered a snapshot of several trading signals to Twitter users at the weekend, there is no doubt \u2014 the picture is firmly green.<\/p>\n<p>\u201cThey are looking so bullish right now,\u201d he summarized in part of accompanying commentary. <\/p>\n<p>One metric compares the ratio of BTC to stablecoins across exchanges. This has hit multi-year highs, a screenshot appears to show, beating its peaks from any event since early 2020.<\/p>\n<p>\u201cIt is rarely ever wrong,\u201d Garner claimed while not providing additional details about its mechanism of action. <\/p>\n<p>Traditionally, high stablecoin liquidity hints at bullish continuation, with funds \u201cwaiting in the wings\u201d to enter Bitcoin or other crypto assets.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Cole Garner\/ Twitter<\/em><\/p>\n<p>Garner presented the ratio of on-chain volume traded in profit, hitting its highest levels in at least three-and-a-half years.<\/p>\n<p>\u201cIt generates faster trade signals, with a longer track record. It is so bullish right now,\u201d he reiterated.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Cole Garner\/ Twitter<\/em><\/p>\n<p>According to the latest data from on-chain analytics firm Glassnode, realized profit versus realized loss continues to stage an expected recovery in line with price action.<\/p>\n<p><em>Bitcoin net realized profit\/ loss chart. Source: Glassnode<\/em><\/p>\n<p>As Cointelegraph reported, net unrealized profit and loss \u2014 the portion of the BTC supply not being transacted \u2014 has also transformed this month thanks to Bitcoin\u2019s 40% gains.<\/p>\n<h2>Miners get shot at post-capitulation blast-off<\/h2>\n<p>Further optimism focused on a recovery among Bitcoin miners.\u00a0<\/p>\n<p><strong><em>Related:\u00a0Bitcoin hash rate taps new milestone with miner hodling at 1-year low<\/em><\/strong><\/p>\n<p>According to the popular Hash Ribbons metric, the Bitcoin mining sector has recently exited a period of capitulation which ensued as a result of the post-FTX BTC price declines.<\/p>\n<p>Hash Ribbons use hash rate to determine periods of miner stress. Such recoveries have historically coincided with BTC price \u201ccorrections,\u201d as described by digital asset and global macro investment management firm Wakem Capital Management this week.<\/p>\n<p>Tweeting Glassnode data, Wakem highlighted that the last capitulation exit came just before FTX, denying Bitcoin bulls the gains traditionally associated with the event.<\/p>\n<p><em>Bitcoin Hash Ribbons annotated chart. Source: Wakem Capital Management\/ Twitter<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-so-bullish-at-23k-as-analyst-reveals-new-btc-price-metrics\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) remains firmly \u201cbullish\u201d at $23,000, according to new on-chain metrics from one of the industry\u2019s best-known names. In a preview on Jan. 28, market cyclist and on-chain analyst Cole Garner revealed what he said were \u201cbacktested and validated\u201d Bitcoin trading tools. Garner: BTC price signals should excite bulls While BTC\/USD attempts to push [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10056,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10055","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10055"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10055\/revisions"}],"predecessor-version":[{"id":10057,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10055\/revisions\/10057"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10056"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}