Report: Many onchain-metrics indicated the bottom of the market cycle

Many onchain metrics, including the Pewella animator, Rhodl Ratio and Reserve Risk, signal the deep reserves of bitcoin and the likely achievement of the bottom of the bear phase of the market. This is stated in the analytical report for FORKLOG for October.

At the same time, some indicators indicate the risk of a new wave of redistribution and price consolidation in the range of $ 16,500–21 100.

MVRV indicates that the realized capitalization of bitcoin is higher than the market. Earlier, the same low indicator marks coincided with extremes of previous bear phases.

Inactive over the past six months, the Bitcoin proposal is at a historical minimum – at the mark of 18%. Glassnode analysts emphasized that such low indicators are after prolonged bear markets.

ASOPR for the first time since August overcame the mark 1 against the backdrop of the revival https://gagarin.news/news/whats-wrong-with-poocoin/ of the market and the surge of volatility. Before that, the discrepancy was observed between the falling price and the ascending values ​​of the indicator, which indicated the depletion of sellers.

Recall that in October, the founder of Galaxy Digital Mike Novograts suggested that the bear’s bearish phase will last another two to six months.

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