Is Bitcoin back? How Glassnode can help answer that...

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Everyone this days has the same question, Is Bitcoin back? Is this the start of a new bullrun ? Well no one can answer this question right now . The only thing we can do and prepare out selves is study the charts and the on chain data. Most of the time if we study those two we can find the trends and have a clearer mindset of where we are and where we are going. With the help of Glassnode reading the on chain data is really easy. So lets dive on them.
The previous month was the least volatile month since the creation of Bitcoin and followed by a month of almost 24% rise in BTC price.

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One of the most reliable indicators is the 200 Day Simple moving average ( SMA )

With this weeks powerful rally, the market overcame this psychological level at $19.5k. Bitcoin markets often express a strangely consistent cyclical behavior, with this cycle trading below the 200D-SMA for 381-days, which is just 5-days shy the 2018-19 bear market at 386-days.
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To date, the 2022-23 bear market has spent 179-days below the Realized Price, making it the second longest duration across the last four bear cycles.

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There is a notable similarity in market strength to that observed in April 2019, albeit the current market is yet to breach the LTH-Realized Price.
In both the 2018-19 and 2022-23 bear markets, all three realized prices converged, indicating a return to a homogeneous holder base (where the average BTC holder carries an approximately equivalent cost basis, regardless of holding time).
The Short-Term Holder Realized Price is lower than the others, reflecting a major capitulation style event after FTX collapsed, indicating a significant volume of coins changed hands afterwards.

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We all must do our own research and first of all be sure of the moves we are about to do. But every tool and info we can use is always welcomed cause that way we open ourselves in more informations and opinions that can give us the edge on how to trade the market

https://insights.glassnode.com/the-week-onchain-week-3-2023/?&utm_source=gn_twitter&utm_medium=tweet_woc&utm_campaign=woc_03_2023

https://studio.glassnode.com/workbench/82cca1e5-7a6e-4ddd-5944-59d9b452683c?s=1587667932&u=1673913600&zoom=&utm_source=gn_twitter&utm_medium=gn_tweet&utm_campaign=gn_tweet

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Posted Using LeoFinance Beta

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I think the market is being independent and doing it's thing. Anyway, if not for FTX collapse, I don't think the bear might be as long as this. But this might go on to become the longest bear market, but I believe we'll see the bull at least late this year or beginning next year.

Posted Using LeoFinance Beta

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Yes on chain it seems we are in good place. If a black swan event doesn’t happen then up it’s the only was forward

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