The latest analysis from a prominent on-chain analyst suggests that Bitcoin (BTC) is showing signs of a bullish trend based on various key indicators. Checkmate, a pseudonymous analyst with a significant following on X, points out that Bitcoin’s Active-Value-to-Investor-Value (AVIV) ratio has transitioned from a bearish signal to a neutral one.
The AVIV ratio compares the active capitalization, excluding lost or inactive coins, with the realized capitalization of investors, indicating whether Bitcoin is overbought or oversold. Checkmate notes that the market momentum for Bitcoin has shifted to a neutral stance across multiple timeframes, no longer bearish but not strictly bullish either.
Additionally, the analyst highlights the Bitcoin short-term holder (STH) supply metric, which tracks coins held for less than 155 days, as a bullish signal. This metric indicates that the majority of recent buyers are now in profit, potentially improving market sentiment.
Furthermore, Checkmate observes that Bitcoin appears to be moving in tandem with gold and stocks, both of which are experiencing an uptrend. The correlation between Bitcoin, gold, and equities over the last 30 days suggests a positive outlook, especially as these assets reach new all-time highs.
In terms of price action, Bitcoin is currently trading at $60,994, showing a 4% decline in the last 24 hours. Despite this short-term dip, the overall trend based on on-chain indicators and market correlations remains positive.
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As always, it’s essential to conduct thorough research and stay informed about market trends before making any investment decisions in the volatile cryptocurrency space.
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