Do Metrics Show Tops and Bottoms For Bitcoin Price?

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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.

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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