The optimistic predicitons about the price of Bitcoin continue. There have been a lot of optimistic thoughts released in the crypto space by important voices, even following the latest disaster involving FTX.
Here are the latest reports on Bitcoin as they were revealed by an important indicator. Check out the latest reports below.
Bitcoin flashes a cyclical bottom signal
At the moment of writing this article, BTC is trading in the red, and the king coin is currently priced at $16,070. It’s been revealed that there is a bottom signal that just flashed for Bitcoin, and it happens cyclically.
In a new video update, crypto analyst Benjamin Cowen said that Bitcoin’s percentage of supply in profit and loss metric is flashing signs of a historical bottom for Bitcoin.
The on-chain indicator shows what percentage of BTC coins are giving their holders a profit or a loss.
Cowen said the following:
“One of my favorite on-chain indicators is the Bitcoin percentage of supply in profit and loss. The reason I like this one is because of how cyclical it looks – the ebb and flow of this indicator…”
He continued and said this:
“What you’ll notice is that there is a clear ebb and flow to the bear markets and the bull markets…”
He also made sure to highlight the following:
“What you may notice is that they tend to cross at a certain point throughout the bear market, and in fact, in every bear single market, the Bitcoin [percentage of] supply in profit and loss, they cross. Here in 2011, and in 2014, 2015, and in 2018 and 2019, and they’re starting crossing here again in late 2022.”
The other day, we also revealed the fact that a popular crypto strategist is highlighting Bitcoin’s (BTC) ability to hold current price levels in the face of a major black swan event.
The pseudonymous analyst known in the industry as Cred says Bitcoin is flashing relative strength despite the collapse of crypto exchange FTX.