Bitcoin (BTC) price may already be bottoming or “really close”, with analysts eyeing new data this week.
In a Twitter thread on June 22, well-known indicator creator David Puell revealed that he argues that current bitcoin buying and selling is “looking interesting”.
“High Probability” Is In The Bottom
Bullishness in current price action is few and far between, with multiple sources calling for BTC/USD to drop to $14,000 or lower.
For Puell, however, the dynamics between long-term (LTH) and short-term holders (STH) indicate that the situation may not necessarily be as bearish as many fear.
Highlighting the cost basis for each group, Puell showed that those in the market paid less overall for their BTC than recent investors.
The pain is more with STH than LTH as Bitcoin hits multi-year lows. The capitulation sell-off from the east could thus have already expressed itself.
Popular analyst Root replied, “Imo, high probability we had or is really close to bottom.”
Improvement:— David Puell (@dpuellARK) 22 June 2022
Actual price of LTH: $22.2k.
Actual cost of STH: $31.7k.https://t.co/1YEGkriVAJ
As Cointelegraph reported, however, even LTH – defined as wallet entities holding tokens for 155 days or more – are still distributing on the market in recent weeks. .
Near Mayor Multiple Historic Floor
According to another popular on-chain metric, the Meyer Multiple, those looking for a profitable “dip buy” opportunity on bitcoin may be in luck.
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As of June 22, the indicator, which shows how far below the current spot price of the 200-day moving average (DMA), is indicating that the return on investment is rarely better.
At 0.5, the multiple is 50% lower than the 200 DMA, and just 2% lower than Bitcoin’s lifetime.
Crypto Entrepreneur Kyle Chase commented on the figures.
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