{"id":9222,"date":"2022-12-17T19:32:14","date_gmt":"2022-12-17T19:32:14","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=9222"},"modified":"2022-12-17T19:32:15","modified_gmt":"2022-12-17T19:32:15","slug":"bitcoin-still-lacks-this-on-chain-signal-for-btc-bull-market-david-puell","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9222","title":{"rendered":"Bitcoin still lacks this on-chain signal for BTC bull market \u2014 David Puell"},"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) only needs one more key on-chain signal for a classic bull market to begin, analyst David Puell says.\u00a0<\/p>\n<p>In a tweet on Dec. 17, the Puell Multiple creator argued that the stage is almost set for the end of the BTC price bear market.<\/p>\n<h2>Puell: Bitcoin network activity &#8220;underwhelming&#8221;<\/h2>\n<p>Despite many calling for new BTC\/USD lows of $12,000 or less this cycle, not everyone is wholly bearish on the outlook for Bitcoin.<\/p>\n<p>For Puell, two essential on-chain phenomena necessary for BTC price recovery are already in evidence.<\/p>\n<p>Long-term holders (LTHs) are resisting the urge to sell despite Bitcoin being down over 70% from its last all-time high. <\/p>\n<p>At the same time, short-term \u201cspeculators\u201d are feeling acute pain from recent price action. As Cointelegraph reported, these \u201ctourists\u201d are likely already mostly gone from the market.<\/p>\n<p>All that is missing, Puell believes, is a rise in network activity from all participants.<\/p>\n<p>\u201cOn-chain, three factors are needed for a bull: 1. Holding behavior from long-term investors. 2. Painful losses from short-term speculators. 3. Network activity across the board,\u201d he summarized.<\/p>\n<p>\u201cPersonally seeing 1 and 2. 3 is still underwhelming.\u201d<\/p>\n<p>He added that \u201cfavorable\u201d macro conditions would aid the turnaround, as well as crypto becoming more resilient to \u201ccontagion\u201d in the form of \u201cexogenous and endogenous \u2018swans.\u2019\u201d<\/p>\n<p>BTC\/USD traded at around $16,700 at the time of writing, data from Cointelegraph Markets Pro and TradingView showed.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>A Bitcoin halving cycle like any other?<\/h2>\n<p>That perspective chimes with others calling for calm over current BTC price performance.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin targets $16.7K amid fear BNB may &#8216;drag whole crypto market down&#8217;<\/em><\/strong><\/p>\n<p>Among them is popular analytics account Dilution-proof, which on the day drew attention to BTC\/USD simply copying previous bear market behavior.<\/p>\n<p>Evidence came in the form of Bitcoin\u2019s MVRV-z score \u2014 an expression of market cap to realized cap in standard deviations. Dilution-proof initially called the metric &#8220;Market-Value-to-Realized-Value Temperature (MVRVT).&#8221;\u00a0<\/p>\n<p>Currently, accompanying charts showed, signs point to a classic bear market bottom formation, Dilution-proof stating that Bitcoin \u201cis just doing what it does at this post-halving date literally every cycle.\u201d<\/p>\n<p><em>Bitcoin\u00a0Market-Value-to-Realized-Value Temperature (MVRVT) chart. Source: Dilution-proof\/ Twitter<\/em><\/p>\n<p>Cointelegraph previously included MVRV-z in a list of &#8220;striking similarities&#8221; between 2022 and past price cycles.<\/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-still-lacks-this-on-chain-signal-for-btc-bull-market-david-puell\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) only needs one more key on-chain signal for a classic bull market to begin, analyst David Puell says.\u00a0 In a tweet on Dec. 17, the Puell Multiple creator argued that the stage is almost set for the end of the BTC price bear market. Puell: Bitcoin network activity &#8220;underwhelming&#8221; Despite many calling for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9222","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\/9222","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=9222"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9222\/revisions"}],"predecessor-version":[{"id":9224,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9222\/revisions\/9224"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9223"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}