On-Chain Bitcoin Market Cycle Indicators

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The below is from a recent edi­tion of the Deep Dive, Bit­coin Mag­a­zine’s pre­mi­um mar­kets newslet­ter. To be among the first to receive these insights and oth­er on-chain bit­coin mar­ket analy­sis straight to your inbox, sub­scribe now.

In today’s Dai­ly Dive, we will cov­er some of the key on-chain cycle indi­ca­tors and what they tell us about where we are at in the mar­ket. All of the indi­ca­tors today lever­age a per­centile analy­sis, look­ing at cur­rent val­ues over his­tor­i­cal per­centiles, to show when indi­ca­tors sug­gest when the mar­ket is bot­tomed, topped, neu­tral or in between. 

Across the approx­i­mate­ly 20 on-chain cycle indi­ca­tors we track, on-chain shows a neu­tral to bull­ish mar­ket set­up. Yet, we know that on-chain, macro and deriv­a­tives all play a role in bitcoin’s growth tra­jec­to­ry, espe­cial­ly with high bit­coin risk-on equi­ties cor­re­la­tions right now. 

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