Bitcoin still doesn’t have this on-chain signal to BTC bull markets — David Puell

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The famous analyst claims that Bitcoin network activity is “underwhelming” as more data confirms that a textbook BTC price bottom is in progress. Markets News This piece of crypto history is yours. Analyst David Puell claims that all it takes to create a classic bull market is one key on-chain signal. In a tweet on Dec. 17, the Puell Multiple creator argued that the stage is almost set for the end of the BTC price bear market.Puell: Bitcoin network activity “underwhelming”Despite many calling for new BTC/USD lows of $12,000 or less this cycle, not everyone is wholly bearish on the outlook for Bitcoin.For Puell, two essential on-chain phenomena necessary for BTC price recovery are already in evidence.Long-term holders (LTHs) are resisting the urge to sell despite Bitcoin being down over 70% from its last all-time high. Short-term “speculators”, however, are suffering acute pain from recent price action. As Cointelegraph reported, these “tourists” are likely already mostly gone from the market.All that is missing, Puell believes, is a rise in network activity from all participants.”On-chain, three factors are needed for a bull: 1. Long-term investors should exhibit a holding behavior. 2. Short-term speculators can cause severe losses. 3. Network activity across the board,” he summarized.”Personally seeing 1 and 2. Source: TradingView. Personally, I see 1 and 2. Source: TradingViewA Bitcoin-halving cycle like any others? Dilution-proof initially called the metric “Market-Value-to-Realized-Value Temperature (MVRVT).” Currently, accompanying charts showed, signs point to a classic bear market bottom formation, Dilution-proof stating that Bitcoin “is just doing what it does at this post-halving date literally every cycle.”Bitcoin Market-Value-to-Realized-Value Temperature (MVRVT) chart. Source: Dilutionproof/ TwitterCointelegraph previously included the MVRV-z chart in a list “striking similarities”.

 

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