Basic reasons to be optimistic despite the 66 percent decline in Bitcoins ATH: researchers

Basic reasons to be optimistic despite the 66 percent decline in Bitcoins ATH: researchers

The Bitcoin prices are still in consolidation after a rally of 42 % of cycle low this year, but the on-chain indicators reach new highs.

Despite the crypto markettrally in 2023, Bitcoin was left 66 % compared to its all-time high of 69,000 in November 2021. Those who missed the low point of the cycle of $ 16,500 in mid -November could still have chances at the current level if the market dynamics last - to analysts.

In addition, the rally took place against the background of regulatory pressure and macroeconomic darkness.

On March 1st, Fidelity researcher Jack Neureuter put together a list of on-chain metrics that set new records.

In the middle of a baisse is the number of on-chain #bitcoin Statistics that break new all-time highs (ATHS) are impressive. If you only had access to network data, you would probably be surprised to hear that $ BTC The price is in a drawdown of 60 %.

Here are a few remarkable ATHs in $ Btc Land: 🧵

- Jack Neureuter (@j_neureuter) 28. February 2023

Bitcoin metrics move higher

The first remarkable on-chain metric, as reported by the researcher, is the Bitcoin Hash rate. According to Bitinfocharts, the average network performance is currently close to the top value of 327 EH/S (Exahashes per second). It reached its peak at the end of February, with Neureuter found:

"The solvency problems that many listed miners led in the past year seem to have declined for the time being, since new machines continue to find their way to the Internet to secure the network."

The leading scaling solution from Bitcoin, the Lightning Network, is also located on an all -time high in terms of BTC that is enclosed in channels.

In addition, the number of coins that did not move last year have reached a new high. More than 67 % of the BTC have not moved in the last 365 days because the conviction of the Hodler has increased.

At the same time, the collective addresses have reached an all -time high according to the Glassnode.

The average block size recently reached a new highlight in the middle of the ordinary inscription madness. A higher demand for block areas will probably lead to an increase in network revenue, which underlines the long -term strength of the industry, the researcher stated before he was closed:

"Bitcoin had 4 price declines of over 70 %before the collapse last year. Every time they recover to new ATHs. Based on today's on-chain data, this earlier historical trend could follow."

BTC price view

The BTC prices have not moved much in the last 24 hours and consolidate themselves around $ 23,500 at the time of writing this article

The asset did not manage four times in February to break the resistance at $ 25,000 and has fallen back to the current level.

BTC has currently fallen by 3.3 % last week and could return to $ 22,000 if there is no purchase pressure.

.