Bitcoin ‘so bullish’ at $23K as analyst reveals new BTC price readings
Bitcoin (BTC) remains firmly “bullish” at $23,000, according to new on-chain calculations from one of the industry’s best-known names.
In a preview On January 28, market rider and chain analyst Cole Garner revealed what he said were “backtested and validated” Bitcoin trading tools.
Garner: BTC price signals should excite bulls
As BTC/USD attempts to squeeze through liquidity above $23,000, the debate rages over whether a significant BTC price correction is due.
For Garner, who provided a snapshot of several trading signals to Twitter users over the weekend, there’s no question — the picture is green.
“They look so bullish right now,” he summed up in part of the accompanying commentary.
One metric compares the ratio of BTC to stablecoins across exchanges. This has reached multi-year highs, a screenshot appears to show, beating the highs from any event since early 2020.
“It’s rarely wrong,” Garner asserted while not providing further details on the mechanism of action.
Traditionally, high stablecoin liquidity suggests a bullish continuation, with funds “waiting in the wings” to move into Bitcoin or other cryptoassets.
Garner presented the chain’s turnover-to-profits ratio, reaching the highest levels in at least three and a half years.
“It generates faster trading signals, with a longer track record. It’s so bullish right now,” he reiterated.
According to the latest data from chain analysis firm Glassnode, realized profit versus realized loss continues to stage an expected recovery in line with price action.
As Cointelegraph reported, net unrealized gains and losses — the portion of BTC supply that is not executed — has also transformed this month thanks to Bitcoin’s 40% gain.
Miners are shot by explosion after the surrender
Further optimism focused on a recovery among Bitcoin miners.
Related: Bitcoin Hash Rate Hits New Milestone With Miner At One-Year Low
According to the popular Hash Ribbons metric, the Bitcoin mining sector has recently exited a capitulation period that followed as a result of the post-FTX BTC price declines.
Hash bands use hash rate to determine periods of miner stress. Such recoveries have historically coincided with BTC price “corrections,” as described by digital asset and global macro investment management firm Wakem Capital Management this week.
Tweeting Glassnode data, Wakem highlighted that the last capitulation exit came just before FTX, denying Bitcoin bulls the gains traditionally associated with the event.
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