The Intersection Marking the Bottoms of 2011, 2014, 2015, 2018 and 2019 in Bitcoin is Nearly Left!

Having trouble passing $17,000 Bitcoin (BTC) This morning, it went down to $16,000 levels again.

Ethereum (ETH) While the selling pressure on the market affected the market in general, the week started with salespeople.

Investors found bottom in Bitcoin? Will new lows come? while searching for answers, cryptocurrency Bad news for investors from analyst Benjamin Cowen.

The famous analyst, who recently commented on Bitcoin’s price movements on his Youtube channel, said that on-chain data in BTC bitcoin He said it marked a new low for

Cowen, Bitcoin Profit Loss Percentage (SOPR) metric, BTC He said it was a historic low for him.

The SOPR metric measures what percentage of circulating Bitcoin holders are in profit or loss.

“One of my favorite on-chain indicators is what percentage of Bitcoin supply is in profit and loss.

The reason I like this is how cyclical the tides and flows seem.

The first thing you will notice with this indicator is that there is a clear tide in bear markets and bull markets.

The other thing you might notice is that they tend to intersect at a certain point during a bear market, and in fact, the supply of Bitcoin, which is in profit and loss in every bear market, intersects.

According to this indicator, there was an intersection in 2011, 2014, 2015, 2018 and 2019. Now, at the end of 2022, the crossover begins again.”

with 30-day moving average bitcoinEvaluating the percentage of supply in profit and loss together, the analyst noted that their intersection shows a historical pattern that often heralds a bottom:

“If you consider the 30-day moving average along with Bitcoin’s percentage of supply in profit and loss, what you’ll notice is that historically they have always intersected before they bottomed out.”