The crypto market has been making efforts to recover from the price corrections that it has been seeing lately. Check out the following reports below.
Bitcoin bottom is in
The popular crypto analyst Benjamin Cowen says a historically reliable on-chain indicator suggests that the bottom is here or very close for Bitcoin (BTC).
In a new interview with Kitco News, Cowen is addressing the Bitcoin’s supply in profit and loss chart, which shows what percentage of BTC coins are giving their holders a profit or a loss.
The popular analyst said that the supply in profit and loss metric for BTC has historically coincided with long-term tops and bottoms.
Cowen also made sure to explain the fact that if BTC sees another leg down or perhaps a capitulation event, this indicator would strongly suggest that the bottom is in.
“Some of the charts that I think are the most interesting are things like the supply in profit and loss. One of the interesting things about this chart is that historically, Bitcoin does not bottom until after they cross. Until after they cross.”
He continued and said this:
“They crossed yesterday. For the first time this cycle, they crossed yesterday. And you can see a very cyclical pattern here for the Bitcoin supply and profit loss.”
The analyst also explained the following:
“The bottom occurs after they cross. When it comes up here, that’s generally the time where you want to scale out when we’re continuing to push those new all-time highs so to me this is an indicator that would suggest that if we did get another leg down there’s a lot of evidence that could be the major bottom.”
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $21,650.