Despite the recent $ 10,000 rejection, Bitcoin is still more than 150 percent above the March $ 3,700 surrender low. This is an impressive rally that has allowed BTC to outperform any other multi-billion dollar asset class over the same period.As if 150 percent in eight weeks wasn’t fast enough, a crypto research company is now also commenting that Bitcoin’s on-chain metrics reach levels that historically coincided with “rapid growth.”Research: Bitcoin knocks on the door of “bull mode”.
Bitcoin’s price may have stalled, but according to data from cryptanalysis company Arcane Research, the ratio of network value to transactions (which BTC measures in relation to the economic throughput of blockchain) is “at a level where we see rapid growth could see in this market ”.
Short-term correction is still likely
Despite the positive long-term prospects offered by the on-chain overview, there is still a great chance that the crypto market will correct itself in the near future.Four out of six proprietary metrics from the blockchain news service IntoTheBlock show that BTC is currently “mostly bearish,” with the number of large transactions slowing, traders slowly becoming unprofitable, and Bitcoin’s short-term growth slowing.The only redeeming factor that Bitcoin currently has, according to IntoTheBlock, is a slight “imbalance between bid and ask volume” on the bid side, suggesting that despite the recent price action, there is latent demand for BTC.
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