Bitcoin In ‘Neutral’ Zone: What This Means, According To Analyst
2024年9月1日 - 6:00PM
NEWSBTC
Bitcoin, the crypto market leader and largest digital asset,
currently trades at $58,877 following a rather negligent price
movement in the last day. According to data from CoinMarketCap, the
premier cryptocurrency saw more lows than highs in August,
resulting in an 8.46% decline over the month. As September begins,
a CryptoQuant analyst with the username Grizzly has provided
valuable insight into Bitcoin’s current price status and potential
price action in the coming weeks. Related Reading: Bitcoin Hash
Price Hits New Low — Is It Time To Buy? Puell Multiple Index Puts
Bitcoin In Decision Zone In an X post on Saturday, Grizzly stated
that there is much uncertainty around Bitcoin’s movement based on
data from the token’s Puell Multiple index. For context, the Puell
Multiple Index is a Bitcoin trading indicator used to measure the
profitability of miners and the broader market’s price trend. It is
assessed by dividing the issuance value of Bitcoin by its 365-day
moving average. According to Grizzly, when this indicator ranks
between 0.6 and 0.8, as it currently is, it indicates the BTC
market is a “decision zone”, with an equal potential to initiate an
uptrend or a downtrend. Generally, a dip below 0.6 indicates
that Bitcoin miners are earning less than the historical average,
mostly due to a decline in BTC price. Grizzly shares that such a
scenario presents a good opportunity for Dollar-Cost Averaging
(DCA), where investors buy Bitcoin incrementally to lower their
average purchase cost over time. Alternatively, a breakout above
the 0.8 level indicates an increasing miner profitability, in
tandem with rising Bitcoin prices. Based on historical price data,
Grizzly states that such development usually represents the start
of a bullish market. Related Reading: Crypto Market In Trouble As
Analyst Predicts $1 Trillion Crash Bitcoin Whales Count Reach
17-Month High In other news, amidst Bitcoin’s turbulent performance
in the last month that have left many retail traders with losses,
the number of market whales have maintained a steady growth.
According to data from on-chain analytics firm Santiment, there has
been a net increase of 283 wallets holding 100+ BTC in August,
bringing this metric to a 17-month high of 16,120. An increase in
market whales and asset accumulation indicates significant
confidence in the token’s profitability in the long term. Thus,
this rising level of BTC could be widely interpreted as a bullish
signal for the coming months. However, price gains could be
expected in Q4 as historical data indicates September may likely
present another bearish phase. As earlier stated Bitcoin continues
to trade at around $58,877 with a 7.56% decline in the last week.
Meanwhile, the asset’s trading volume is significantly down 61.93%
and valued at $12.70 billion. Featured image from Forbes India,
chart from Tradingview
Bitcoin (COIN:BTCUSD)
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