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Is Now The Time To Buy Bitcoin? On-Chain Data Reveals Key Indicators
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Is Now The Time To Buy Bitcoin? On-Chain Data Reveals Key Indicators

Samuel Edyme
Samuel Edyme
6 months ago
3 mins read
Is Now the Time to Buy Bitcoin? On-Chain Data Reveals Key Indicators To Watch

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After briefly retreating to $90,000 earlier in the week, Bitcoin has rebounded strongly, climbing above the $95,000 price.

Currently trading at $95,224, Bitcoin has recorded a 7% gain over the past two weeks, signaling renewed bullish momentum.

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6 months ago

Key Indicators Highlight Best Buying Opportunities

As Bitcoin continues its rally, CryptoQuant, a prominent on-chain analytics platform, has shared insights into key metrics that could help potential investors determine optimal entry points.

Drawing on historical data and market behaviour, CryptoQuant highlights the patterns of price corrections, short-term holder strategies, speculative bets, and trading volume indicators to guide investors in navigating Bitcoin’s ongoing bull run.

According to CryptoQuant, historical bull markets have shown that price drawdowns are inevitable, even during periods of sustained growth.

For instance, the 2017 bull market experienced corrections of up to 22%, while the 2021 rally saw 10% and 30% declines. The 2024 bull run has already seen 15% and 20% price pullbacks, suggesting that periodic corrections may offer strategic buying opportunities.

The platform also emphasizes the significance of the Short-Term Holder Realized Price metric, which reflects the average cost basis of recent investors. This metric often serves as a critical support level during bull markets, as short-term holders are more likely to buy at their break-even price, reinforcing price stability.

Buy at the Average Cost Basis of Short-Term Holders

The Short-Term Holder Realized Price can be seen as the buy-the-dip level during bull markets.

Investors tend to buy at their break-even price, making this indicator a visualization of price support. pic.twitter.com/mTDpuhaK8Y

— CryptoQuant.com (@cryptoquant_com) November 27, 2024

Additionally, CryptoQuant points to the “Flush of Open Interest,” a phenomenon where speculative positions are cleared out during periods of heightened price action. This process can create favorable entry points for investors looking to capitalize on temporary market resets.

Bitcoin open interest metric.
Bitcoin open interest metric. | Source: CryptoQuant

Lastly, the Net Taker Volume indicator, which measures the balance between buying and selling pressure, suggests that peak selling activity can signal opportunities for future price growth.

A reading below -$30,000,000 according to CryptoQuant, as seen recently, may indicate that sellers are nearing exhaustion, paving the way for potential upside.

Bitcoin Net Taker Volume metric.
Bitcoin Net Taker Volume metric. | Source: CryptoQuant

Key Support Levels For Bitcoin

While Bitcoin’s current momentum hints at another potential rally, analysts caution the importance of maintaining critical support levels. Crypto analyst Ali recently identified the $93,580 price zone as a key demand level, where approximately 667,000 addresses collectively acquired nearly 504,000 BTC.

Related Reading

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Bitcoin Sell-Side Pressure Dominated By New Holders, Research Shows

6 months ago

According to the analyst, remaining above this level is crucial to avoid a potential sell-off from holders at this price point.

One key demand zone for #Bitcoin to watch is $93,580, where 667,000 addresses bought nearly 504,000 $BTC. Staying above this support level is a must to prevent these holders from selling! pic.twitter.com/UdXTZOYzGH

— Ali (@ali_charts) November 28, 2024

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 1-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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