Hello.
Another analysis of Bitcoin follows, this time using geometric graphical patterns and three blockchain indicators.
Price analysis
Over the longer term, we can see that we are below a bullish yellow channel. This has been happening since December/2018.
Since then, the price has tried to break through 2 times.
If we continue with the current trend (which is bullish), the third time the price will reach U$87 thousand, and later on, U$141,000.
Looking back, when trying to break the rising wedge the third time, the price plummeted down
(in an ascending wedge we have the exhaustion of the buying force).
On-Chain Analysis
The Puell Multiple
Puell Multiple can be interpreted as "If all mined bitcoins were sold immediately in the market, how profitable mining pools are compared to last historical one year?".
This metric helps traders gauge the market cycles from the global view.
When the value exceeds the orange dotted line, we have a profit taking, and consequently a price drop.
Spent Output Profit Ratio (SOPR)
"The Spent Output Profit Ratio (SOPR) is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output.
Or simply: price sold / price paid. "
When we hit the red dotted line or break it, we hit the top and right after that comes the price drop.
New addresses
"The number of unique addresses that were active in the network either as a sender or receiver.
Only addresses that were active in successful transactions are counted".
The two times the value reached the historic high, we had a drop in price.
Finally
So, based on all of this I made a price prediction, with a little black humor.
Good winds!
Another analysis of Bitcoin follows, this time using geometric graphical patterns and three blockchain indicators.
Price analysis
Over the longer term, we can see that we are below a bullish yellow channel. This has been happening since December/2018.
Since then, the price has tried to break through 2 times.
If we continue with the current trend (which is bullish), the third time the price will reach U$87 thousand, and later on, U$141,000.
Looking back, when trying to break the rising wedge the third time, the price plummeted down
(in an ascending wedge we have the exhaustion of the buying force).
On-Chain Analysis
The Puell Multiple
Puell Multiple can be interpreted as "If all mined bitcoins were sold immediately in the market, how profitable mining pools are compared to last historical one year?".
This metric helps traders gauge the market cycles from the global view.
When the value exceeds the orange dotted line, we have a profit taking, and consequently a price drop.
Spent Output Profit Ratio (SOPR)
"The Spent Output Profit Ratio (SOPR) is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output.
Or simply: price sold / price paid. "
When we hit the red dotted line or break it, we hit the top and right after that comes the price drop.
New addresses
"The number of unique addresses that were active in the network either as a sender or receiver.
Only addresses that were active in successful transactions are counted".
The two times the value reached the historic high, we had a drop in price.
Finally
So, based on all of this I made a price prediction, with a little black humor.
Good winds!
