Glassnode Analysis: Is The Bear Market For Bitcoin (BTC) Ending? Where are we in the cycle?

Volatility in cryptocurrencies continues after the annual Jackson Hole meeting held by the Fed. With Powell’s hawk statements after the meeting cryptocurrenciesfaced a selling pressure.

However, if we look at the overall picture, cryptocurrencies have been in a general bearish market for about 9 months. Crypto on-chain analytics firm glassnodeshared the latest data and made some comments on the short-medium-term future of Bitcoin.

According to the on-chain metrics Glassnode has bitcoin Bear season continues. According to the data, the prospect of a general recovery or rally is still not on the horizon, as BTC price rebounds are short-term.

It measures the ratio between the selling and buying prices of the leading cryptocurrency. SOPR data cannot go above 1.0 level. SOPR data breaking above 1.0 can be a leading indicator for bullishness in some cases.

Glassnode officials interpret this data as follows:

This data shows that BTC investors tend to withdraw from the market by taking profits immediately on small rises in the bear market.”

It measures the profit/loss ratio of long-term Bitcoin investors (traders who have held BTC for more than 155 days). LTH data remains in a state of loss. This data shows that the pressure of the bear market on investors continues.

Glassdnode analysts commented on the state of the crypto market in general as follows:

“The current market situation is still comparable to the bear season in 2018. But unless macroeconomic conditions around the world improve, we do not expect a long-term rally in cryptocurrencies.”