{"id":482839,"date":"2022-02-03T23:00:51","date_gmt":"2022-02-03T23:00:51","guid":{"rendered":"https:\/\/wncen.com\/?p=482839"},"modified":"2024-06-11T14:11:11","modified_gmt":"2024-06-11T14:11:11","slug":"bitcoin-on-chain-demands-suggests-that-the-market-has-reached-its-bottom","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-on-chain-demands-suggests-that-the-market-has-reached-its-bottom\/","title":{"rendered":"Bitcoin On-Chain Demands Suggests That The Market Has Reached Its Bottom"},"content":{"rendered":"<p class=\"p2\">Bitcoin on-chain analysis can be a good way to try to guess where the market is headed. The market tends to repeat itself with metrics looking the same before a bull or a bear rally, thus making this data a pretty good indicator of what\u2019s to come. Analyst Willy Woo uses this same data to demonstrate a pattern that occurs before the bull rally, the criteria which are being met once again.<\/p>\n<h2 class=\"p2\">Start Of A Bull Run?<\/h2>\n<p class=\"p2\">In a recent string of tweets, analyst Willy Woo presents data from on-chain analysis that points to the bitcoin dump having reached its bottom. According to him, \u201cPrice in relation to on-chain demand from both speculative and hodl category of investors are now both at peak oversold levels.\u201d Woo points out that the last time that something like this had happened was when bitcoin reached its bottom following the COVID crash.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Price in relation to on-chain demand from both speculative and hodl category of investors are now both at peak oversold levels.<\/p>\n<p>The last time this happened was October 2020. The time before that was at the bottom of the COVID crash.<\/p>\n<p>&mdash; Willy Woo (@woonomic) <a href=\"https:\/\/twitter.com\/woonomic\/status\/90155008?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 2, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p2\">The analyst further outlines the times where this has happened in the past. Going as far back as 2012, he points out the same had been the case in February of that year. What followed had been the memorable 2021-2013 bull run that saw bitcoin gain more popularity among investors.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin-halving-to-bring-the-subsequent-crypto-frenzy\/\">Bitcoin Halving To Bring The Subsequent Crypto Frenzy<\/a><\/strong><\/em><\/p>\n<p class=\"p2\">Fast forward to 2015 and the same had been the case in January of that year. This time, the on-chain metric spelled the bottom of the bear market that had begun previously in 2014, putting an end to the onslaught.<\/p>\n<p class=\"p2\">If Woo is right and the on-chain metric continues the way it has historically, then bitcoin may very well have reached the bottom, suggesting that this is the end of the downtrend. However, there is no telling if this is actually the case given that bitcoin had recorded back-to-back bull rallies in 2021.<\/p>\n<h2 class=\"p2\">Bitcoin On The Charts<\/h2>\n<p class=\"p2\">Bitcoin has lost almost 50% from its all-time high of $69k which it hit in November of last year. This has however not affected the profits of the majority of holders. The digital asset remains one with the highest volume of holders that remain in profit after the market crash.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/el-salvador-chivo-bitcoin-wallet-relaunch-to-serve-4-million-users\/\">El Salvador Chivo Bitcoin Wallet Relaunch To Serve 4 Million Users<\/a><\/strong><\/em><\/p>\n<p class=\"p2\">According to data from IntoTheBlock, 60% of all bitcoin holders are still in profit at current prices. It is important to note that the cryptocurrency was subject to massive sell-offs when investors panicked that the downtrend will continue. Most however have still kept their highly profitable status, with only 35% of all holders currently losing at market prices.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/pe7aleMD\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"1345\" height=\"629\"><\/p>\n<pre style=\"text-align: center\">Bulls struggle to pull BTC up as bears take hold | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UG2tjOD6\/\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p class=\"p2\">The majority are long-term holders and indicators point to investors still being very bullish on the digital asset despite the downtrend. With its current growth curve, it is expected that the cryptocurrency will see <a href=\"https:\/\/twitter.com\/woonomic\/status\/15699968?s=20&amp;t=_nPZIFRfudHAA5g3bhR6Lw\" rel=\"nofollow\">1 billion holders in the next four years<\/a>, making it a highly sought-after asset.<\/p>\n<pre style=\"text-align: center\">Featured image from Bitcoin News, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin on-chain analysis can be a good way to try to guess where the market is headed. The market tends to repeat itself with metrics looking the same before a bull or a bear rally, thus making this data a pretty good indicator of what\u2019s to come. Analyst Willy Woo uses this same data to demonstrate a pattern that occurs before the bull rally, the criteria which are being met once again. Start Of A Bull Run? In a recent string of tweets, analyst Willy Woo presents data from on-chain analysis that points to the bitcoin dump having reached its bottom. According to him, \u201cPrice in relation to on-chain demand from both speculative and hodl category of investors are now both at peak oversold levels.\u201d Woo points out that the last time that something like this had happened was when bitcoin reached its bottom following the COVID crash. Price in relation to on-chain demand from both speculative and hodl category of investors are now both at peak oversold levels. The last time this happened was October 2020. The time before that was at the bottom of the COVID crash. &mdash; Willy Woo (@woonomic) February 2, 2022 The analyst further outlines the times where this has happened in the past. Going as far back as 2012, he points out the same had been the case in February of that year. What followed had been the memorable 2021-2013 bull run that saw bitcoin gain more popularity among investors. Related Reading |\u00a0Bitcoin Halving To Bring The Subsequent Crypto Frenzy Fast forward to 2015 and the same had been the case in January of that year. This time, the on-chain metric spelled the bottom of the bear market that had begun previously in 2014, putting an end to the onslaught. If Woo is right and the on-chain metric continues the way it has historically, then bitcoin may very well have reached the bottom, suggesting that this is the end of the downtrend. However, there is no telling if this is actually the case given that bitcoin had recorded back-to-back bull rallies in 2021. Bitcoin On The Charts Bitcoin has lost almost 50% from its all-time high of $69k which it hit in November of last year. This has however not affected the profits of the majority of holders. The digital asset remains one with the highest volume of holders that remain in profit after the market crash. Related Reading |\u00a0El Salvador Chivo Bitcoin Wallet Relaunch To Serve 4 Million Users According to data from IntoTheBlock, 60% of all bitcoin holders are still in profit at current prices. It is important to note that the cryptocurrency was subject to massive sell-offs when investors panicked that the downtrend will continue. Most however have still kept their highly profitable status, with only 35% of all holders currently losing at market prices. Bulls struggle to pull BTC up as bears take hold | Source: BTCUSD on TradingView.com The majority are long-term holders and indicators point to investors still being very bullish on the digital asset despite the downtrend. With its current growth curve, it is expected that the cryptocurrency will see 1 billion holders in the next four years, making it a highly sought-after asset. Featured image from Bitcoin News, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":482840,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,27251,1119,38143,14602],"class_list":["post-482839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bottom","tag-btc","tag-on-chain-analysis","tag-willy-woo"],"acf":[],"yoast_head":"\n<title>Bitcoin On-Chain Demands Suggests That The Market Has Reached Its Bottom<\/title>\n<meta name=\"description\" content=\"Bitcoin on-chain analysis can be a good way to try to guess where the market is headed. 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With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. 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