{"id":548537,"date":"2023-08-23T16:00:45","date_gmt":"2023-08-23T16:00:45","guid":{"rendered":"https:\/\/wncen.com\/?p=548537"},"modified":"2024-06-11T08:08:05","modified_gmt":"2024-06-11T08:08:05","slug":"bitcoin-indicator-on-the-verge-of-bullish-breakout","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-indicator-on-the-verge-of-bullish-breakout\/","title":{"rendered":"This Bitcoin Indicator Is On The Verge Of A Bullish Breakout"},"content":{"rendered":"

A Bitcoin on-chain indicator is currently attempting a breakout that could turn out to be a bullish signal for the asset’s value.<\/p>\n

Bitcoin Active Entities Is Trying To Escape Network Stagnation Range<\/h2>\n

In a new post<\/a> on X, Jamie Coutts, a Bloomberg Intelligence analyst, has discussed the BTC active entities metric, and how it has a strong relationship with the coin’s price.<\/p>\n

The “active entities<\/a>” here are a measure of the unique total amount of Bitcoin addresses that are participating in some kind of transaction activity on the blockchain. Naturally, both senders and receivers are counted by the metric.<\/p>\n

When the value of this metric rises, it means that an increasing number of users are engaging with the network. Such a trend is a sign of growing adoption<\/a> for the asset.<\/p>\n

On the other hand, declining values of the indicator imply that interest in the cryptocurrency may be waning, as fewer addresses are becoming active on the blockchain.<\/p>\n

The analyst has pointed out that the active entities metric has a high r-squared value with Bitcoin.<\/p>\n

\"Bitcoin<\/p>\n

The r-squared values of the different BTC-related metrics | Source: @Jamie1Coutts on X<\/a><\/pre>\n
From the table, it’s visible that the r-squared value for the active entities is 0.55. What this means is that 55% of all fluctuations in the cryptocurrency’s price can be explained by this variable.<\/p>\n
Related Reading: Will Bitcoin Show A Repeat Of The March Rebound?<\/a><\/div>\n
There are only a few metrics with a higher r-squared value, making the active entities an indicator with one of the strongest statistical relationships with BTC. “Importantly, this is also a stable relationship over time (ex the wonky pre-2012 data),” Coutts notes.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the r-squared value of the indicator has been quite stable since 2012 | Source: @Jamie1Coutts on X<\/a><\/pre>\n
Now, here is a chart that shows how the Bitcoin active entities have changed during the history of the cryptocurrency:<\/p>\n
\"Bitcoin<\/p>\n
The trend in the metric's value over the years | Source: @Jamie1Coutts on X<\/a><\/pre>\n
As displayed in the graph, the Bitcoin active addresses have stagnated around each of the cycle lows<\/a>, but in the periods between them, it has seen a rise, although the pace has been getting slower over time.<\/p>\n
Related Reading: Bitcoin Dip Worth Buying? What Market Sentiment Suggests<\/a><\/div>\n
Since 2021, the indicator has been inside a rather long phase of stagnation, as the indicator has been unable to escape out of a particular range. It would appear, however, that things might be starting to change for the better.<\/p>\n
\"Bitcoin<\/p>\n
The indicator's value has been on the rise in recent days | Source: @Jamie1Coutts on X<\/a><\/pre>\n
The CMT explains that it’s looking like a TA-style breakout so far, but it’s not yet fully clear whether the Bitcoin active entities have truly escaped the stagnation range.<\/p>\n
If the metric can manage to stay above the range for the next few weeks, it might be a confirmation that the extra entities that have started trading on the network are truly planning to stick around, and hence, that constructive adoption is finally picking up for Bitcoin.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading at around $25,900, down 11% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has continued to struggle recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Andr\u00e9 Fran\u00e7ois McKenzie on Unsplash.com, charts from TradingView.com, Bloomberg Intelligence<\/div>\n","protected":false},"excerpt":{"rendered":"
A Bitcoin on-chain indicator is currently attempting a breakout that could turn out to be a bullish signal for the asset’s value. Bitcoin Active Entities Is Trying To Escape Network Stagnation Range In a new post on X, Jamie Coutts, a Bloomberg Intelligence analyst, has discussed the BTC active entities metric, and how it has a strong relationship with the coin’s price. The “active entities” here are a measure of the unique total amount of Bitcoin addresses that are participating in some kind of transaction activity on the blockchain. Naturally, both senders and receivers are counted by the metric. When the value of this metric rises, it means that an increasing number of users are engaging with the network. Such a trend is a sign of growing adoption for the asset. On the other hand, declining values of the indicator imply that interest in the cryptocurrency may be waning, as fewer addresses are becoming active on the blockchain. The analyst has pointed out that the active entities metric has a high r-squared value with Bitcoin. The r-squared values of the different BTC-related metrics | Source: @Jamie1Coutts on X From the table, it’s visible that the r-squared value for the active entities is 0.55. What this means is that 55% of all fluctuations in the cryptocurrency’s price can be explained by this variable. Related Reading: Will Bitcoin Show A Repeat Of The March Rebound? There are only a few metrics with a higher r-squared value, making the active entities an indicator with one of the strongest statistical relationships with BTC. “Importantly, this is also a stable relationship over time (ex the wonky pre-2012 data),” Coutts notes. Looks like the r-squared value of the indicator has been quite stable since 2012 | Source: @Jamie1Coutts on X Now, here is a chart that shows how the Bitcoin active entities have changed during the history of the cryptocurrency: The trend in the metric’s value over the years | Source: @Jamie1Coutts on X As displayed in the graph, the Bitcoin active addresses have stagnated around each of the cycle lows, but in the periods between them, it has seen a rise, although the pace has been getting slower over time. Related Reading: Bitcoin Dip Worth Buying? What Market Sentiment Suggests Since 2021, the indicator has been inside a rather long phase of stagnation, as the indicator has been unable to escape out of a particular range. It would appear, however, that things might be starting to change for the better. The indicator’s value has been on the rise in recent days | Source: @Jamie1Coutts on X The CMT explains that it’s looking like a TA-style breakout so far, but it’s not yet fully clear whether the Bitcoin active entities have truly escaped the stagnation range. If the metric can manage to stay above the range for the next few weeks, it might be a confirmation that the extra entities that have started trading on the network are truly planning to stick around, and hence, that constructive adoption is finally picking up for Bitcoin. BTC Price At the time of writing, Bitcoin is trading at around $25,900, down 11% in the last week. BTC has continued to struggle recently | Source: BTCUSD on TradingView Featured image from Andr\u00e9 Fran\u00e7ois McKenzie on Unsplash.com, charts from TradingView.com, Bloomberg Intelligence<\/p>\n","protected":false},"author":542,"featured_media":548541,"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":[428,89195,86073,89196,1119,1144],"class_list":["post-548537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-active-entities","tag-bitcoin-breakout","tag-bitcoin-bullish-breakout","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nThis Bitcoin Indicator Is On The Verge Of A Bullish Breakout<\/title>\n<meta name=\"description\" content=\"A Bitcoin on-chain indicator is currently attempting a breakout that could turn out to be a bullish signal 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Bitcoin Indicator Is On The Verge Of A Bullish Breakout","url":"http:\/\/wncen.com\/news\/bitcoin-indicator-on-the-verge-of-bullish-breakout\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-indicator-on-the-verge-of-bullish-breakout\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/andre-francois-mckenzie-vh7U_Z75L3U-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/andre-francois-mckenzie-vh7U_Z75L3U-unsplash.jpg?fit=4240%2C2832"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin active entities","bitcoin breakout","bitcoin bullish breakout","btc","btcusd"],"dateCreated":"2023-08-23T16:00:45Z","datePublished":"2023-08-23T16:00:45Z","dateModified":"2024-06-11T08:08:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Bitcoin Indicator Is On The Verge Of A Bullish Breakout\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-indicator-on-the-verge-of-bullish-breakout\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-indicator-on-the-verge-of-bullish-breakout\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/andre-francois-mckenzie-vh7U_Z75L3U-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/andre-francois-mckenzie-vh7U_Z75L3U-unsplash.jpg?fit=4240%2C2832\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin active entities\",\"bitcoin breakout\",\"bitcoin bullish breakout\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-08-23T16:00:45Z\",\"datePublished\":\"2023-08-23T16:00:45Z\",\"dateModified\":\"2024-06-11T08:08:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/andre-francois-mckenzie-vh7U_Z75L3U-unsplash.jpg?fit=4240%2C2832","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548537"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=548537"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548537\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548541"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=548537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=548537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=548537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}