Famous on-chain analyst Charles Edwards shared Bitcoin (BTC) data, which he described as a “turning point” and claimed that we are at the beginning of the bull market.
Edwards from Bitcoin investments percentage of addresses in the snow analyzed and made remarkable statements. A recent social media in sharing the number of addresses in the profit in the current price band jumped from 50% to 70% pointing to this data, the analyst Bitcoin bear market bottom confirmed interpreted as a typical model.
The analyst pointed to past turning points and possibly a new cyclical inside the volatility circle. We are at the beginning of the Bitcoin bull market suggested. Describing the pullback in the last few days as the profits of the investors after the big jump, Edwards said that the short-term downward fluctuation shouldn’t cause panic told:
Large jumps in address profitability also cause profit taking followed by short-term downward volatility in price. If this time is the same as in the previous examples, we can expect the price to pull back a bit. This pullback will end with prices recovering at some point after consolidation.
Edwards: Don’t be greedy
On the other hand, emphasizing that it would not be healthy to analyze the entire market by looking at a limited data frame, Edwards warned investors not to be greedy. urged to be prepared for adverse situations that may occur.
Emphasizing the possibility of a significant pullback, at least for the near term, the analyst based this expectation on another reason. Edwards, fear and greed index Stating that it has reached the “greedy” level again, he added that the recent spikes in traditional markets may result in a downward swing in the short term.