Image default
Bitcoin

Historically Accurate On-Chain Indicator Suggesting Bitcoin (BTC) Bottom Is In, Says Analyst Benjamin Cowen

Closely adopted crypto analyst Benjamin Cowen says a traditionally dependable on-chain indicator is suggesting that the underside is right here or very shut for Bitcoin (BTC).

In a brand new interview with Kitco News, Cowen pulls out Bitcoin’s provide in revenue and loss chart, which reveals what proportion of BTC coins are giving their holders a revenue or a loss.

The widespread analyst says that the provision in revenue and loss metric for BTC has traditionally coincided with long-term tops and bottoms.

Cowen additionally says that if BTC sees one other leg down or maybe a capitulation occasion, this indicator would strongly recommend that the underside is in.

“Some of the charts that I feel are essentially the most fascinating are issues like the provision in revenue and loss. One of the fascinating issues about this chart is that traditionally, Bitcoin doesn’t backside till after they cross. Until after they cross. 

They crossed yesterday. For the primary time this cycle, they crossed yesterday. And you’ll be able to see a really cyclical sample right here for the Bitcoin provide and revenue loss. The backside happens after they cross. When it comes up right here, that’s typically the time the place you wish to scale out after we’re persevering with to push these new all-time highs so to me that is an indicator that will recommend that if we did get one other leg down there’s loads of proof that could possibly be the most important backside.

This is without doubt one of the indicators that we may look in direction of.”

Source: Benjamin Cowen/YouTube

At time of writing, Bitcoin is altering fingers for $21,673, up about 10% within the final seven days.

I

Don’t Miss a Beat – Subscribe to get crypto electronic mail alerts delivered on to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl usually are not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any loses it’s possible you’ll incur are your accountability. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please notice that The Daily Hodl participates in internet online affiliate marketing.

Featured Image: Shutterstock/Joy Chakma/Gorev Evgenii

Related posts

Analyst Compares Bitcoin’s Price Action to Nasdaq in Early 2000s, Says BTC Correction Below $30,000 in Sight

Crypto Advisor

Bitcoin Will Continue To Outperform Stock Market, Says Bloomberg Intelligence Analyst Mike McGlone – Here’s Why

Crypto Advisor

Most Cardano (ADA), Shiba Inu (SHIB) and Polygon (MATIC) Holders Now Underwater Amid Deep Pullback: IntotheBlock

Crypto Advisor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

bitcoin
Bitcoin (BTC) $ 18,991.00 1.35%
ethereum
Ethereum (ETH) $ 1,272.37 5.50%
tether
Tether (USDT) $ 1.00 0.31%
usd-coin
USD Coin (USDC) $ 0.999546 0.13%
bnb
BNB (BNB) $ 269.05 0.44%
binance-usd
Binance USD (BUSD) $ 1.00 0.10%
cardano
Cardano (ADA) $ 0.451401 1.46%
xrp
XRP (XRP) $ 0.434733 9.61%
polkadot
Polkadot (DOT) $ 6.37 1.21%
solana
Solana (SOL) $ 31.94 1.16%
shiba-inu
Shiba Inu (SHIB) $ 0.000011 1.16%
dogecoin
Dogecoin (DOGE) $ 0.059117 1.14%
staked-ether
Lido Staked Ether (STETH) $ 1,262.42 5.44%
matic-network
Polygon (MATIC) $ 0.734963 0.32%
tron
TRON (TRX) $ 0.059547 0.52%
dai
Dai (DAI) $ 1.00 0.14%
avalanche-2
Avalanche (AVAX) $ 17.32 2.38%
ethereum-classic
Ethereum Classic (ETC) $ 28.22 2.95%
leo-token
LEO Token (LEO) $ 4.76 5.29%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 19,000.39 1.39%
uniswap
Uniswap (UNI) $ 5.69 5.20%
litecoin
Litecoin (LTC) $ 52.73 1.02%
cosmos
Cosmos Hub (ATOM) $ 14.55 4.19%
okb
OKB (OKB) $ 14.79 1.38%
ftx-token
FTX (FTT) $ 23.15 1.91%
terra-luna
Terra Luna Classic (LUNC) $ 0.000279 1.41%
near
NEAR Protocol (NEAR) $ 3.78 0.78%
chainlink
Chainlink (LINK) $ 6.95 0.41%
crypto-com-chain
Cronos (CRO) $ 0.105652 1.62%
monero
Monero (XMR) $ 140.56 1.15%
stellar
Stellar (XLM) $ 0.118473 5.09%
bitcoin-cash
Bitcoin Cash (BCH) $ 115.46 1.41%
algorand
Algorand (ALGO) $ 0.366532 15.88%
flow
Flow (FLOW) $ 1.67 0.65%
vechain
VeChain (VET) $ 0.022649 0.85%
eos
EOS (EOS) $ 1.22 4.44%
internet-computer
Internet Computer (ICP) $ 5.99 1.52%
filecoin
Filecoin (FIL) $ 5.42 1.99%
chain-2
Chain (XCN) $ 0.075136 11.86%
frax
Frax (FRAX) $ 0.997839 0.19%
hedera-hashgraph
Hedera (HBAR) $ 0.059434 2.95%
decentraland
Decentraland (MANA) $ 0.704835 0.05%
apecoin
ApeCoin (APE) $ 5.66 3.19%
the-sandbox
The Sandbox (SAND) $ 0.860809 2.12%
tezos
Tezos (XTZ) $ 1.47 1.94%
quant-network
Quant (QNT) $ 102.84 1.16%
axie-infinity
Axie Infinity (AXS) $ 12.15 0.74%
aave
Aave (AAVE) $ 75.01 0.67%
lido-dao
Lido DAO (LDO) $ 1.82 2.00%
elrond-erd-2
Elrond (EGLD) $ 47.14 0.29%
theta-token
Theta Network (THETA) $ 1.09 4.50%
true-usd
TrueUSD (TUSD) $ 0.999327 0.16%
chiliz
Chiliz (CHZ) $ 0.24644 5.05%
bitcoin-sv
Bitcoin SV (BSV) $ 49.07 0.20%
compound-usd-coin
cUSDC (CUSDC) $ 0.022637 0.35%
paxos-standard
Pax Dollar (USDP) $ 0.998561 0.01%
kucoin-shares
KuCoin (KCS) $ 8.78 2.07%
bittorrent
BitTorrent (BTT) $ 0.00000077849158 1.15%
ecash
eCash (XEC) $ 0.000039 0.05%
the-graph
The Graph (GRT) $ 0.099154 2.17%
iota
IOTA (MIOTA) $ 0.266524 3.59%
zcash
Zcash (ZEC) $ 54.67 1.36%
huobi-btc
Huobi BTC (HBTC) $ 18,964.04 1.27%
usdd
USDD (USDD) $ 0.998697 0.13%
huobi-token
Huobi (HT) $ 4.46 1.31%
evmos
Evmos (EVMOS) $ 2.38 3.29%
havven
Synthetix Network (SNX) $ 2.38 1.37%
cdai
cDAI (CDAI) $ 0.022016 0.50%
maker
Maker (MKR) $ 630.02 2.46%
bitdao
BitDAO (BIT) $ 0.485933 0.62%
klay-token
Klaytn (KLAY) $ 0.206912 2.76%
neutrino
Neutrino USD (USDN) $ 0.955119 1.43%
fantom
Fantom (FTM) $ 0.228901 0.65%
compound-ether
cETH (CETH) $ 25.36 6.14%
neo
NEO (NEO) $ 8.32 0.13%
helium
Helium (HNT) $ 4.52 1.01%
gatechain-token
Gate (GT) $ 4.18 0.00%
defichain
DeFiChain (DFI) $ 0.810603 2.38%
radix
Radix (XRD) $ 0.05808 3.46%
celsius-degree-token
Celsius Network (CEL) $ 1.65 7.11%
pax-gold
PAX Gold (PAXG) $ 1,665.71 0.15%
pancakeswap-token
PancakeSwap (CAKE) $ 4.34 1.87%
thorchain
THORChain (RUNE) $ 1.60 1.09%
osmosis
Osmosis (OSMO) $ 1.28 3.86%
zilliqa
Zilliqa (ZIL) $ 0.033049 5.05%
enjincoin
Enjin Coin (ENJ) $ 0.47391 0.52%
nexo
NEXO (NEXO) $ 0.915414 2.25%
arweave
Arweave (AR) $ 10.00 5.88%