The Bitcoin conundrum: Metrics depict conflicting views for BTC

ambcrypto.com:

Bitcoin crashed to a weary low of $35,000 yesterday before stabilizing and moving sideways. It is a worrying time to be Bitcoin HODLers but, 2022 has been a turbulent year for them. Beginning with tightening fiscal policies, and then subdued by geopolitical headwinds, the worries are evident. But is there any hopeful news around the block?

A crypto-market analyst called “Plan C” on Twitter recently posted bullish Bitcoin signs on the feed. A caption was added to the post saying, “The Bitcoin network has never been stronger.” This should come as a strong signal to the Bitcoin community who are still fresh from yesterday’s crash.

Four strong metrics are suggested in this tweet pointing to a strong foundation of the Bitcoin network.

Source: Glassnode

As per the Entity-adjusted Realised Cap, Bitcoin is still at a high point in its history. In fact, the realized cap here stands at a whopping $467 billion which is at its all-time high. This represents a major coup for the Bitcoin community after the macro-economic and geopolitical turbulence have halted price growth.

Source: Glassnode

The second metric used here is “Number of addresses with a non-zero balance.” This is another significant metric which signifies the volume and market sentiment of Bitcoin here. This metric is also at its all-time high. This means that investors are filling up new wallets with BTC and further pushing demand into the market.

Source: Glassnode

The third metric called “Miner Difficulty,” talks about the network security. It is another significant metric that is at its all-time high. As the miner difficulty increases, more computing power is required to mine the same amount of blocks. This makes the network more secure in case of an attacks making the