Bitcoin (BTC) is a steady “buy” according to a series of indicators on the chain that flashed optimistically this week.

All 10 indicators, along with CryptoQuant’s cross-chain monitoring resource, now offer investors access to the market right now.

CryptoQuant: Bitcoin indicators are healthy
Of the eleven articles that make up the CryptoQuent Market Survey, eight are classified as “buy” and two are categorized as “strong buy” bitcoin. Only one is “neutral” and no one is “selling”.

CryptoQuant summed up on Twitter “The long-term performance of the $ BTC chain is looking good.”

The two strongest buy signals come from the so-called Stable Currency Ratio (SSR) and Stable Currency Reserves Swap.

As Cointelegraph recently reported, both indicators provided already bullish hints of trading sentiment and continue to operate despite the mixed price action.

SSR indicates the stablecoin’s purchasing power in relation to the Bitcoin price. Even at $ 11,400 at the end of last month, buyer support was robust and conditions remained perfect at current prices.

Technical data for BTC is highlighted in green
The indicators add to the overall positive impression of the Bitcoin technology market this month.

When it comes to network fundamentals, hash frequency and complexity will soon or sooner to reach steady heights, highlighting the long-term optimism of miners.

Statistician Willie Wu pointed out several other aspects this week that show that price action should now rise, not decrease.

Meanwhile, PlanB, the creator of the bitcoin pricing model, has asked BTC / USD to start its next long-term growth phase from $ 10,000 to $ 100,000, citing its latest incarnation of its accounts.

The only words of caution come from those who care about non-technical factors such as global macroeconomic markets. Robert Kiyosaki, author of Rich Dad Poor Dad, warned Tuesday that discovering a successful coronavirus vaccine would be enough to “destroy” Bitcoin and other safe havens, at least in the short term.

Source: CoinTelegraph

LEAVE A REPLY