Bitcoin So Bullish at $23,000 as Analyst Reveals New BTC Price Metrics

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Bitcoin (BTC) remains firmly bullish at $23,000, according to new on-chain metrics from one of the best-known names in the industry.

In a preview on Jan. 28, market cyclist and on-chain analyst Cole Garner revealed what he said were tested and validated Bitcoin trading tools.

Garner: BTC Price Signals Should Excite Bulls

As BTC/USD attempts to push liquidity above $23,000, debate rages on whether a significant correction in BTC price is due.

For Garner, who offered a snapshot of several trading signals to Twitter users over the weekend, there’s no doubt the picture is decidedly green.

They look so optimistic right now, he summed up in part of the accompanying commentary.

A metric compares the ratio of BTC to stablecoins across exchanges. It hit multi-year highs, a screenshot appears to show, beating its highs since any event since the start of 2020.

It’s rarely wrong, Garner said without providing further details on its mechanism of action.

Traditionally, high liquidity in stablecoins portends a bullish continuation, with funds waiting in the wings to move into Bitcoin or other crypto assets.

BTC/USD annotated chart. Source: Cole Garner/Twitter

Garner presented the ratio of on-chain traded volume to earnings, hitting its highest levels in at least three and a half years.

It generates faster trading signals, with longer history. It’s so bullish right now, he repeated.

BTC/USD annotated chart. Source: Cole Garner/Twitter

According to the latest data from on-chain analytics firm Glassnode, realized profit versus realized loss continues to stage an expected rally in line with price action.

Table of net profits/losses realized in Bitcoin. Source: Glassnode

As Cointelegraph reported, net unrealized profit and loss, the untraded part of BTC supply, also transformed this month thanks to Bitcoin’s 40% gains.

Miners get shot during takeoff after surrender

Additional optimism focused on a recovery among Bitcoin miners.

Related:Bitcoin hash rate hits another milestone with miner hodling to 1-year low

According to popular metric Hash Ribbons, the Bitcoin mining sector recently emerged from a period of capitulation that followed the post-FTX BTC price decline.

Hash tapes use hash rate to determine when miners are stressed. Such rallies have historically coincided with BTC price corrections, as global macro-investment and digital asset management firm Wakem Capital Management described this week.

Tweeting the data from Glassnode, Wakem pointed out that the latest sellout came just ahead of FTX, denying Bitcoin bulls the gains traditionally associated with the event.

Annotated chart of Bitcoin hash tapes. Source: Wakem Capital Management/Twitter

The views, thoughts and opinions expressed herein are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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