Research: On-chain Bitcoin metrics suggest the bottom is not in
Legacy finance defines a bear market as a period of prolonged price decline in which the asset price drops by 20% or more from recent highs. There is no standardized definition of a crypto bear market. But given that digital assets are much more volatile, it’s argued that the percentage drop, by which a crypto bear market is determined, should be -40%, perhaps -60%.
Nonetheless, with the market down roughly 74% from its peak over ten months, there is no doubt the crypto bear is here for Bitcoin. On June 18, BTC posted a local bottom of $17,700, marking a closing price below the previous cycle peak for the first time in its history. Some analysts called this the market cycle bottom. However, analysis of several on-chain metrics suggests otherwise. The percentage of Bitcoin addresses in profit refers to the proportion of unique addresses whose funds.
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