October 19, 2021

Bitcoin metrics speak of readiness for growth

A new round of increased interest of regulators in cryptocurrencies and restrictions in the work of a number of crypto-exchanges led to the correction of Bitcoin from $ 50 thousand to $ 40 thousand. However, a number of indicators indicate the imminent end of the correction.
Bitcoin metrics speak of readiness for growth

Image Source: Cryptocurrency Exchange StormGain

Extreme levels of the fear and greed indicatortalk about an impending trend reversal. Greed was at its peak when Bitcoin was at $ 60K, and it was replaced by fear at $ 30K. Now the level of fear is again close to summer lows, which supports current prices.
Bitcoin metrics speak of readiness for growth

Image source: cointelegraph.com

The most cautious holders remain those with small wallets (holding less than 10 BTC). After the fall in May, they returned to buying, bringing the share of ownership to a historic 13.9%.
Bitcoin metrics speak of readiness for growth

Image source: glassnode.com

But whales (≥ 1BTC) continue to accumulate their reserves. Their number has decreased by 15% since February, however, the reserves of those remaining in the ranks have grown on average from 3236 BTC in February to the current 3722 BTC.
Bitcoin metrics speak of readiness for growth

Image source: research.arcane.no

A prime example of a true hodler isMicroStrategy, which bought an additional 5,050 BTC for $ 48,000 in September. The company's total supply is now 114,042 BTC (~ $ 5 billion) and the average coin purchase price is $ 27,713. As CEO Michael Sailor wrote: “If I chose gold instead of Bitcoin last year, it would have resulted in multi-billion dollar losses. "

The timing is really right:Jerome Powell at the last press conference went against the expectations of market participants and once again did not set a date for curtailing monetary incentives. The regulator continues to print fresh dollars in the amount of at least $ 120 billion a month, which leads to a weakening of the American currency against most financial instruments.

Analytical group StormGain

(platform for trading, exchanging and storing cryptocurrency)

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