3 Charts Suggesting Bitcoin Price May Be Bottoming

bitcoin cost bottomNews Esther Kim

Esther Kim | Feb 05, 2019 | 11:00

In Feb 2019, Bitcoin transaction metrics are giving stronger hints than ever that a cryptocurrency is tighten to a bottom of a latest bear cycle.

Bitcoin’s Familiar Moves

Data from Blockchain, tracking a series of unspent transaction outputs (UTXOs), confirmed transactions by day and exchange volumes in USD for Bitcoin, reveals lows not seen given 2017.

BTC/USD 00 has strictly endured a longest bear marketplace in a history.

Its tumble from all-time highs of $20,000 in Dec 2017 shaped a downside of what has spin a boom-and-bust cycle for Bitcoin. As Bitcoinist reported, a run-up, pile-up and delayed rave to a new high has in fact characterized BTC/USD given a inception.

Studying a numbers today, however, suggests that after 14 months, a span is finally prepared to retreat upwards from a trough.

UTXO numbers have already bounced to levels final seen in Oct 2018 – before a Bitcoin cost dramatically mislaid one third of a value a month later.

Several months before to that eventuality in June, a sum daily transaction count on a Bitcoin network had begun rising – a trend that continued with a difference of a cost relapse week in November.

That series – around 335,000 sell on Feb 4 – has not been achieved given Jan 11 final year, when BTC/USD traded tighten to $13,000.

How Low Can Volume Go?

One value that has nonetheless to U-turn duration is trade volume. As a Bitcoin cost has fallen, traders have seemed to spin to investors, harboring coins in a wish a marketplace will spin in their favor.

USD sell volume is now reduce than during any time given May 2017 – during a time, BTC/USD traded during a limit of $1800 – a start of a six-month rave to a new all-time high.

In December, analysts were still predicting Bitcoin would eventually bottom during around a all-time high seen during a rise of a final bullrun in 2013 – approximately $1300.

What do we consider about Bitcoin’s transaction metrics? Let us know in a comments below!

Images pleasantness of Shutterstock

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