This Key On-chain Indicator Will Soon Join the List of Those Signalling a Bitcoin (BTC) Bull Market is Here
An indicator that has reliably triggered ahead of the last three major Bitcoin bulls markets looks like it is about to turn green.
Bitcoin’s Realized Price – the average price at the time at which each coin last moved – looks like it will soon cross above the Realized Price of Long-term Holders, according to a chart presented by Blockware Solutions in their weekly newsletter citing Glassnode data.
The Realized Price of Long-term Holders is defined here as coins that haven’t moved in at least 155 days and sit outside of major centralized cryptocurrency exchanges.
The Realized Price was last just above $20,000, while the Realized Price of Long-term Holders was last just under $21,000.
Given Bitcoin’s rally into the upper-$20,000s to $30,000 area in recent months, the Realized Price is expected to keep rising.
The Realized Price of Longer-term Holders would also be expected to eventually rise, but with a delay thanks to the conditions that coins haven’t moved in at least 155 days.
The past three times the Realized Price crossed above the Realized Price of Longer-term Hodlers after a prolonged spell below it, Bitcoin went on to post a parabolic rally in the subsequent few years.
The Realized Price/Realized Price of Longer-term Holders indicator will soon likely join a growing list of technical and on-chain indicators suggesting a new Bitcoin bull market is here.
As discussed in a recent article, all eight of the on-chain and technical indicators tracked by Glassnode’s Recovering from a Bitcoin Bear dashboard have been flashing that a bull market is here for most of the last six or so weeks.
A separate on-chain indicator tracked by Glassnode called “Reserve Risk” – which acts as a guage of HODLer conviction - also recovered from
Read more on cryptonews.com
