Can On-Chain Indicators Call Tops And Bottoms For The Bitcoin Price?

Bitcoin Magazine

The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

In previous Daily Dives and analyses, we’ve highlighted the importance and trends of major on-chain cyclical indicators across the realized HODL ratio, market-value-to-realized-value z-score, reserve risk, dormancy flow, 90-days coin days destroyed and the ratio between short-term holders and long-term holders. The analysis today covers these metrics in aggregate including the Mayer Multiple.

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By no means are these metrics perfect at predicting the market in the short term but they do provide us with valuable insights on when the market may be at a secular or cyclical turning point. We prefer to use these metrics together to get confluence around long-term signals and changing behaviors in the market.

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