Bitcoin ‘so bullish’ at $23K as analyst reveals new BTC price metrics

cointelegraph.com:

Bitcoin (BTC) remains firmly “bullish” at $23,000, according to new on-chain metrics from one of the industry’s best-known names.

In a preview on Jan. 28, market cyclist and on-chain analyst Cole Garner revealed what he said were “backtested and validated” Bitcoin trading tools.

While BTC/USD attempts to push through liquidity above $23,000, the debate rages as to whether a significant BTC price correction is due.

For Garner, who offered a snapshot of several trading signals to Twitter users at the weekend, there is no doubt — the picture is firmly green.

“They are looking so bullish right now,” he summarized in part of accompanying commentary.

One metric compares the ratio of BTC to stablecoins across exchanges. This has hit multi-year highs, a screenshot appears to show, beating its peaks from any event since early 2020.

“It is rarely ever wrong,” Garner claimed while not providing additional details about its mechanism of action.

Traditionally, high stablecoin liquidity hints at bullish continuation, with funds “waiting in the wings” to enter Bitcoin or other crypto assets.

Garner presented the ratio of on-chain volume traded in profit, hitting its highest levels in at least three-and-a-half years.

“It generates faster trade signals, with a longer track record. It is so bullish right now,” he reiterated.

According to the latest data from on-chain analytics firm Glassnode, realized profit versus realized loss continues to stage an expected recovery in line with price action.

As Cointelegraph reported, net unrealized profit and loss — the portion of the BTC supply not being transacted — has also transformed this month thanks to Bitcoin’s 40% gains.

Further optimism focused on a recovery among Bitcoin miners. 

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