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On-Chain Indicator at 10-Year Lows Could Trigger Bitcoin (BTC) Reversal: InvestAnswers
A popular crypto analyst is highlighting a key metric while assessing the future for Bitcoin (BTC) amid faltering markets.
An t-óstach gan ainm InvestAnswers insíonn his 442,000 YouTube subscribers about the significance of Bitcoin’s dormancy flow, which measures the average number of days that coins have remained untouched.
“This dormancy flow is kind of interesting for a few reasons. First of all, the asset Bitcoin is obviously trading below its fair value as HODLers, including long-term ones, are kind of liquidating.
This is generally the case when the oldest coins are being spent. It’s like the whole dormancy thing, it’s when the HODLers stop spending and reverse buying behavior, that is the key reversal to watch for.”
Foinse: InvestAnswers/YouTubeThe analyst next points out how Bitcoin dormancy has fallen to a 10-year low, adding that historical data suggests that such lows precede price moves to the upside.
“If you look at this chart, I added a little gray thing saying a ‘decade low.’ It actually technically is an all-time low because the data from pre-2010 was kind of not really analyzable enough because there wasn’t enough of it.
But this decade-low dormancy flow is interesting. We have to wait and watch for that to peak up. Every time in history it spikes down, it tends to reverse course very quickly.
We’re going to keep an eagle eye on this little orange wick down and when that turns, that means we could be done selling so and pivot back up.”
Agus é seo á scríobh, Bitcoin is down less than a percent over the last 24 hours, priced at $20,321.
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