Bitcoin (BTC) remains firmly “bullish” at $23,000, according to new on-chain metrics from one of the industry’s most prominent names.
in one preview On Jan. 28, market cyclist and on-chain analyst Cole Garner revealed what he called “back-tested and validated” bitcoin trading tools.
Garner: BTC price signals should excite bulls
As BTC/USD attempts to assert liquidity above $23,000, debate rages on whether a significant BTC price correction is imminent.
For Garner, who offered Twitter users a snapshot of multiple trading signals over the weekend, there’s no doubt – the image is solid green.
“You look so upbeat right now,” he summarized in part of the accompanying comment.
A metric compares the ratio of BTC to stablecoins between exchanges. This has hit multi-year highs, a screenshot seems to show, and has surpassed its all-event highs since early 2020.
“It’s rarely wrong,” Garner claimed, without giving additional details about its mechanism of action.
Traditionally, high stablecoin liquidity indicates a bullish continuation, with funds “waiting in the wings” to enter Bitcoin or other cryptoassets.
Annotated BTC/USD chart. Source: Cole Garner/Twitter
Garner presented the ratio of on-chain volume traded at profit, hitting the highest level in at least three and a half years.
“It generates faster trading signals with a longer track record. It’s so bullish right now,” he reiterated.
Annotated BTC/USD chart. Source: Cole Garner/Twitter
According to the latest data from on-chain analytics firm Glassnode, the realized gain versus realized loss continues to show an expected recovery in line with the price action.
Chart of Bitcoin Net Realized Gain/Loss. Source: Glassnode
As Cointelegraph reported, net unrealized gains and losses — the portion of BTC supply that isn’t transacted — have also changed by 40% this month thanks to Bitcoin’s gains.
Miners are shot in the explosion after the surrender
Further optimism focused on a recovery in bitcoin miners.
Related: Bitcoin hash rate unlocks new milestone as miner hodling at 1-year low
According to the popular Hash Ribbons metric, the bitcoin mining sector has recently emerged from a period of capitulation that followed as a result of the BTC price decline after FTX.
Hash Ribbons use the hash rate to determine periods of miner stress. Such rallies have historically coincided with “corrections” in BTC price, as detailed this week by digital asset and global macro investment management firm Wakem Capital Management.
tweet Glassnode data, Wakem emphasized that the last capitulation exit occurred just before FTX, denying bitcoin bulls gains traditionally associated with the event.
Bitcoin Hash Ribbons annotated chart. Source: Wakem Capital Management/Twitter
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