7 Signs That Bitcoin Is At The Bottom According To The Famous Analyst: Here Are The Real BTC Price

On-chain data analyst Charles Edwards, known for his cryptocurrency analysis, revealed that 7 different data points to the bottom price for Bitcoin (BTC).

Analyzing on-chain data Charles EdwardsHe suggested that the Bitcoin price could be at the bottom. twitter The analyst, who attracted attention with his sharing on the platform, said that from the Bitcoin sales level of the miners to the increasing adoption. 7 different data brought together. Underlining the importance of these data, Edwards said that Bitcoin Based on 13 years of history interpreted the current price level as an extraordinary opportunity.

Firstly, holding more than 0.1 Bitcoin Mentioning that the number of wallets is at an all-time high, the analyst said, FTX He pointed out that despite his bankruptcy, investors are holding on to cryptocurrencies. Also, the historical price of Bitcoin a reliable signal of hope for the bulls the one which… Global Bitcoin Electricity Cost He said it was below the mark.

Only 4 periods have the price been below the Global Bitcoin Electricity Cost. A price point that is a historical base for Bitcoin. In retrospect they all seemed like incredible purchases. Do you want to buy below the cost of electricity? We’ve only had one month at this level so far, and then the upswing followed.

Bitcoin’s fair price is $41,000

According to analyst Data focusing on the energy value of the Bitcoin network examined, the “fair Bitcoin price” $41,000 it should. When viewed in line with these data, the current discount in the Bitcoin price 4 thousand on 13 March 2020 dollars decline and $160 on January 14, 2015 It is seen as the biggest discount since the crash. Edwards, fair price value below 55% traded bitcoin 17,000 dollarsthe price of a rare opportunity evaluated as.

Bitcoin was $290 when this data was last seen

The analyst explained that as another data, Bitcoin miner capitulation may have ended. Hash Ribbon dynamic Pointing to the indicator, Edwards also thinks that the most dangerous trigger of bearish pressure, miner capitulation, is over.

Bitcoin miner sales stress is at 3rd all-time high. Other times this has happened, the price has been $290 and $2. I would love to buy Bitcoin then.

We probably wouldn’t have dropped to these prices if the FTX event hadn’t happened.

Edwards, one of the oldest cryptocurrency economics metrics to show the “value” of a network based on on-chain transaction flow. Dynamic Range NVTHe said it was in the green zone.

Bitcoin “PE Rate” is once again in the green zone. This tells us that the network is cheaply priced relative to the transaction value flowing on the chain. My guess is we probably wouldn’t be here if it wasn’t for the FTX scam.

Commenting on the on-chain status of stablecoins, Edwards stated that this data also looks positive after a long time. “SLRV StripsThis data, called ” 16,600 thousand dollars It has been giving a bullish signal ever since. This data “Dormancy FlowEdwards said that anyone who is going to sell in the cryptocurrency market, which is giving a clear bullish signal by all these metrics, has probably already sold.

Edwards, glassnode He also brought the number of users holding Bitcoin to the table as an important data. The analyst mentioned that long-term investors are at an all-time high and noted the historical significance of this:

We have an all-time high in long-term hodling. Those who hold Bitcoin for at least 1 year now represent more than ever, 66% of the network.

Investor who wants to leave this industry will not buy stablecoins

Detailing his work on stablecoins, Edwards said: USDC and USDT cited as an example. He stated that the stablecoin market is better protected than in any bear season:

If people are leaving this industry, they are not withdrawing their savings to stablecoins. This is ammo waiting to be deployed. It will most likely explode at the next big rally.

Finally halving to the cycle and MVRV Z-score Referring to his data, the popular analyst claimed that Bitcoin almost shouted “it is cheap”. Finally, the analyst said that this data, which shows that sentiment is at the bottom and people are turning their heads to other places other than Bitcoin, indicates one of the best long-term buying points in history.

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