{"id":17381,"date":"2023-02-07T20:32:00","date_gmt":"2023-02-07T20:32:00","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-on-chain-metrics-are-now-bullish-bitfinex\/"},"modified":"2023-02-07T20:32:00","modified_gmt":"2023-02-07T20:32:00","slug":"bitcoin-on-chain-metrics-are-now-bullish-bitfinex","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-on-chain-metrics-are-now-bullish-bitfinex\/","title":{"rendered":"Bitcoin on-chain metrics are now bullish: Bitfinex"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1675799640578-df4cff83-911a-413d-a48a-18dbf21119ce-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1675799640578-df4cff83-911a-413d-a48a-18dbf21119ce-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1675799640578-df4cff83-911a-413d-a48a-18dbf21119ce-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1675799640578-df4cff83-911a-413d-a48a-18dbf21119ce-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Bitfinex market report points to bullish metrics for BTC<\/li>\n<li dir=\"ltr\">Supply in Profit, Bitcoin Realised HODL (RHODL) Multiple and Reserve Risk ratio are all flashing green.<\/li>\n<li dir=\"ltr\">Bitcoin has traded to above $23k again after slipping on Monday following broader market reaction to economic news.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin<\/a> is trading around $23,360 at the time of writing, about 2.4% up in the past 24 hours as cryptocurrencies flash green on Tuesday amid an improving market sentiment.<\/p>\n<p dir=\"ltr\">For the world\u2019s leading cryptocurrency by market cap, it appears on-chain metrics are ticking further north to suggest a strengthening bullish case.<\/p>\n<h2 dir=\"ltr\">Supply in Profit up 20%, points to buy signal<\/h2>\n<p dir=\"ltr\">According to analysts at Bitfinex, one of Bitcoin\u2019s on-chain metrics suggesting fresh upside momentum is likely the Supply in Profit indicator. Data shows bulls look to have successfully absorbed selling pressure as short-term and some long-term HODLers turn profitable.<\/p>\n<p dir=\"ltr\">An observation of the metric on the 90-day time frame highlights a 20% jump for the \u201csupply in profit\u201d chart in January 2023, the analysts wrote in the <a href=\"https:\/\/blog.bitfinex.com\/wp-content\/uploads\/2023\/02\/Bitfinex-Alpha-40.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">report<\/a> released on Monday.<\/p>\n<p dir=\"ltr\">\u201c<em>This implies that larger and longer-term investors currently hold profitable on-paper spot positions. This is healthy for the latter half of a bear market as a sustained 30-day uptrend after an extensive downtrend on this indicator has historically provided a good buy signal for the following two years<\/em>,\u201d the Bitfinex team noted.<\/p>\n<p dir=\"ltr\">As far as markets are concerned, the above scenario doesn\u2019t mean that the crypto market is set for an \u201cup-only\u201d move. However, the outlook does suggest bulls have an upper hand in the spot markets, a scenario that\u2019s historically reflective of \u201clate bear and early bull markets.\u201d<\/p>\n<p dir=\"ltr\">The Bitcoin Realised HODL (RHODL) Multiple, historically also bullish, has also been in an uptrend. According to data, the RHODL Multiple has remained positive over a 90-day window, to also suggest profitability for HODLers.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> balance statistics now favour the HODLers! \ud83d\ude4c<br \/>On-chain metrics are flipping bullish as we see profitable selling by both short-term &amp; long-term HODLers.<br \/>Dive into the details in our latest Bitfinex Alpha:<a href=\"https:\/\/t.co\/aBJ2teTpVM\">https:\/\/t.co\/aBJ2teTpVM<\/a> <a href=\"https:\/\/t.co\/lBvlb4o43A\">pic.twitter.com\/lBvlb4o43A<\/a><\/p>\n<p>\u2014 Bitfinex (@bitfinex) <a href=\"https:\/\/twitter.com\/bitfinex\/status\/1622596087050649601?ref_src=twsrc%5Etfw\">February 6, 2023<\/a><\/p>\n<\/blockquote>\n<h2 dir=\"ltr\">Key metrics suggest a 10x jump for BTC price<\/h2>\n<p dir=\"ltr\">Apart from the 90-day EMA, other technical indicators flipping green include the net adjusted Spent Output Profit Ratio. Per on-chain data, the indicator is currently above one, which suggests that net sales across the Bitcoin market are profitable.<\/p>\n<p dir=\"ltr\">Also, the Realised Profit to Losses (RPLR) ratio is above zero, which also confirms the profitable selling observed in past few weeks. The metric is currently moving towards 0.2, a reading comparable to the RPLR measure when Bitcoin price fell to lows of $3,600 in 2019. After the RPLR hit 0.2, BTC price flipped green and rallied 19x, hitting its all-time high in November 2021.<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-draggable\" style=\"width: 615px\"><span class=\"fr-img-wrap\"><\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/01\/07\/1675799047131-94289c25-b5e3-445d-b129-8124cb2b3e2c.png\" style=\"width: 700px\" class=\"fr-fic fr-dib\" width=\"700\" height=\"353\"\/><span class=\"fr-inner\">Bitcoin Realized Profit Loss Ratio chart by <a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-06-2023\/\" rel=\"noopener noreferrer\" target=\"_blank\">Glassnode<\/a><\/span><\/p>\n<p><\/span><\/span><\/p>\n<p class=\"fr-img-space-wrap2\">With the metric approaching this ratio when Bitcoin fell to lows of $16,000, the possibility of another 10x rally could see BTC target highs of $160,000 over the next two-three years.<\/p>\n<\/div>\n<h2 dir=\"ltr\">Bitcoin\u2019s reserve risk ratio suggests HODLer conviction is high<\/h2>\n<p dir=\"ltr\">Looking at a longer time frame, Bitcoin\u2019s on-chain metrics are also pointing to a bullish outlook. One odf these technical indicators is the Reserve Risk ratio.<\/p>\n<p dir=\"ltr\">According to on-chain analytics platform Glassnode, Bitcoin\u2019s reserve risk ratio has fallen to its all-time low. This puts the metric lower than when markets bottomed in 2019 or 2020, Bitfinex analysts pointed out.<\/p>\n<p dir=\"ltr\">As the ratio is a cyclical oscillator that highlights price vs. HODLer conviction, with incentive to sell factored against opportunity cost, a very low ratio translates to a higher conviction among investors.<\/p>\n<p dir=\"ltr\">A positive outlook for Bitcoin is also seen in the Market Value Realised Value (MVRV) ratio, which has recovered and has often coincided with historically bullish returns.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoins-on-chain-metrics-are-flipping-bullish-bitfinex-report\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitfinex market report points to bullish metrics for BTC Supply in Profit, Bitcoin Realised HODL (RHODL) Multiple and Reserve Risk ratio are all flashing green. Bitcoin has traded to above $23k again after slipping on Monday following broader market reaction to economic news. [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":17382,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/17381"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=17381"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/17381\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/17382"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=17381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=17381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=17381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}