Accurate On-chain Historical Indicator That Bitcoin (BTC) Bottomed Inside, Says Analyst Benjamin Coen

Accurate On-chain Historical Indicator That Bitcoin (BTC) Bottomed Inside, Says Analyst Benjamin Coen

Closely followed crypto analyst Benjamin Coen says that a historically reliable indicator on the chain is that the bottom is here or very close to Bitcoin (BTC).

In a new interview with Kitco News, Cowen pulls the display of Bitcoin in his profit and loss chart, which shows the percentage of BTC coins that give holders a profit or a loss.

The famous analyst says that the show in the BTC profit and loss metric has historically coincided with long-term tops and bottoms.

Quinn also says that if BTC sees another drop or perhaps a capitulation, this indicator is a strong indication that the bottom is inside.

‚ÄúSome of the charts that I think are the most interesting are things like the show in profit and loss. One of the interesting things about this chart is that historically, bitcoin didn’t go down until after they crossed. Even after they crossed.

They crossed yesterday. For the first time in this course, they crossed yesterday. And you can see a very cyclical pattern here of bitcoin exposure and profit loss. The bottom occurs after they cross. When it comes here, that’s when you generally want to expand when we keep pushing those new highs at all, so to me that’s an indicator that would suggest that if we get another leg, there’s a lot of evidence that could be a major bottom.

This is one indication we can look forward to.”

Source: Benjamin Quinn / YouTube

At the time of writing, bitcoin has changed hands at $21,673, up around 10% in the past seven days.


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