On Dec. 21, 2022, the favored crypto dealer, Benjamin Cowen, shared a YouTube video on his YouTube channel, “Bitcoin On-Chain: Proportion of Provide in Revenue/Loss.”
Benjamin Cowen is a well-liked crypto analyst, CEO and Founding father of Into The Cryptoverse, a well-liked e-newsletter. He additionally owns a YouTube channel of his identify, which has almost 779K subscribers. Over essentially the most traded cryptocurrency he made his on-chain evaluation and shared a video on his YouTube channel.
Bitcoin On-Chain Evaluation
Mr. Cowen stated in his video that “It’s time but once more for us to placed on our on-chain evaluation hat almost about Bitcoin.”
“This chart reveals the share of current cash whose worth was decrease than the present worth the final time they moved on-chain. Presently solely information for Bitcoin is obtainable. There are additionally choices to swith to the share of current cash whose worth was greater than the present worth the final time they moved on-chain, and an choice to view each,” he famous.
He stated that “the availability of Bitcoin in revenue and loss ratio, the bears are dropping momentum as the value of Bitcoin retains falling.”
“You may see the bears are dropping steam… I imply every new leg down, like the primary main down, bears had a ton of momentum. Second one, nonetheless a superb little bit of momentum. Third one, some momentum. Fourth, the momentum is admittedly beginning to decelerate. So the bears are slowly dropping momentum as we get deeper and deeper into the bear market.”
Nevertheless, the present worth of Bitcoin is $16,835.97 USD with a 24-hour buying and selling quantity of $16.89 Billion USD. It’s down 0.01% within the final 24 hours, with a stay market cap of $323.94 Billion USD.
In accordance with Mr. Cowen, what comes subsequent after bears lose momentum is the consolidation part earlier than a bullish cycle commences, as “These first leg downs, main momentum. They lose momentum as we get additional down and finally the bulls kind of offset the bears, we get into that lengthy accumulation part… then we construct out for the following cycle.”
As he stated the present bearish market part is resembling the earlier bearish market part despite the distinctive challenges that the crypto business has already confronted on this 12 months. Whether or not it was the collapse of assorted corporations or the tragic macro setting.
“Regardless of every part that crypto has gone by means of this 12 months, not solely with issues like Celsius and FTX and Terra (LUNA) and all that stuff and BlockFi much more just lately, and all of the FUD [fear, uncertainty, and doubt] occurring at present, regardless of even a recession doubtlessly developing, regardless of all of that, thus far this isn’t that dissimilar from what we’ve seen each single bear market,” as he added in his YouTube video.
Moreover, in his latest tweet, Mr. Cowen talked about that “bear markets have a approach of separating a idiot and their cash.”