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Real Vision analyst Jamie Coutts says that the stage is being set for a crypto bull market as multiple indicators turn bullish. On the social media platform X, Coutts says nearly every metric he uses to measure the health of the Bitcoin market cycle is no longer in “overheated” territory, boding well for BTC. “Over the past seven months, Bitcoin’s consolidation has significantly cooled valuation metrics that were overheated in Q1. With the exception of Open Interest at an all-time high (100th percentile), nearly every metric – from MVRV (market value to realized value) and Puell to LTH SOPR (long-term holder spent output profit ratio) and Network Value to Addresses – has reset below the 50th percentile. Much of the sell-off was driven by excess leverage in the derivatives market, mainly on the long side, and that overhang has finally cleared. In September, we saw a classic reload signal with the Puell Multiple briefly hitting oversold, while ne...

Given the uncertainty in the macroeconomic environment, Bitcoin price bulls have no reason to bet against a six-week descending wedge pattern. A bearish market structure has been pressuring cryptocurrencies’ prices for the past six weeks, driving the total market capitalization to its lowest level in two months at $1.13 trillion. According to two derivative metrics, crypto bulls will have a hard time to break the downtrend, even though analyzing a shorter timeframe provides a neutral view with Bitcoin (BTC), Ether (ETH) and BNB, on average, gaining 0.3% between May 12 and May 19. Total crypto market cap in USD, 12-hour. Source: TradingView Notice that the descending wedge formation initiated in mid-April could last until July, indicating that an eventual break to the upside would require an extra effort from the bulls. Furthermore, there’s the impending U.S. debt ceiling standoff, as the U.S. Treasury is quickly running out of cash. Even if the majority of investors believe that the B...

Six tried and tested on-chain metrics are repeating patterns last seen at the bottom of the past three bear markets. Several on-chain metrics from the Bitcoin (BTC) network are flashing buy signals following this year’s rally. Bitcoin has broken out of its torpor to notch up a 37% gain since the beginning of 2023. However, on -chain data is still signaling it could be a “ generational buying opportunity ” according to analysts. On Jan. 24, researcher and technical analyst “Game of Trades” identified six on-chain metrics for his 71,000 Twitter followers. The first metric is an accumulation trend score highlighting zones of heavy accumulation in terms of entity size and the number of coins bought. “Large entities have been in deep accumulation mode ever since the FTX collapse,” the analyst noted before adding “similar accumulation took place in the 2018 and 2020 bottoms.” Bitcoin: 6 on-chain metrics calling for a generational long-term buying opportunity A thread — Game of Trade...