This Bitcoin long-term holder metric is nearing the BTC price ‘bottom zone’
2022.09.22 13:42
This Bitcoin long-term holder metric is nearing the BTC price ‘bottom zone’
A (BTC) on-chain indicator, which tracks the amount of coin supply held by long-term holders (LTHs) in losses, is signaling that a market bottom could be close.
As of Sept. 22, approximately 30% of Bitcoin’s LTHs were facing losses due to BTC’s decline from $69,000 in November 2021 to around $19,000 now. That is about 3%–5% below the level that previously coincided with Bitcoin’s market bottoms.
Bitcoin long-term holder supply in losses. Source: GlassnodeBitcoin total supply held by LTH. Source: GlassnodeBitcoin number of accumulation addresses. Source: GlassnodeBitcoin number of addresses with a non-zero balance. Source: TradingView three-day price chart featuring cup-and-handle pattern. Source: TradingView
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