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Bitcoin Bear Market Likely Behind Us, Says On-Chain Analyst

Philip Swift, a renowned on-chain analyst, suggests that Bitcoin has largely navigated the worst of the bear market, with key indicators signaling potential recovery.
Published on 2022-10-14

Bitcoin Bear Market Likely Behind Us, Says On-Chain Analyst

Bitcoin (BTC) may experience short-term volatility, but the majority of the bear market is likely behind it, according to Philip Swift, a prominent on-chain analyst. Swift, founder of LookIntoBitcoin, a platform that tracks Bitcoin market indicators, highlights several key metrics that suggest the worst of the downturn may have passed.

Current Market Outlook

While Bitcoin could face near-term challenges, Swift's analysis indicates that the broader bear market is likely in the rearview mirror. This assessment is supported by multiple on-chain indicators, which provide insights into Bitcoin's market health and investor behavior.

Key Indicators Supporting the Analysis

  1. HODL Waves: This metric shows shifts in investor behavior, with older coins moving less frequently, indicating a reduction in selling pressure.

  2. RHODL Ratio: The Ratio of HODL to New Investors has improved, signaling a more stable investor base.

  3. MVRV Z-Score: This metric, which compares Bitcoin's market value to its realized value, suggests the asset is undervalued relative to historical standards.

  4. Puell Multiple: Indicating miner profitability, this metric is nearing levels that historically precede market bottoms.

Future Prospects

While short-term price fluctuations are possible, Swift's data suggests that Bitcoin is in a more stable phase of its market cycle. Investors should remain cautious but aware of the potential for recovery.

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