A closely followed analyst is highlighting one key historical metric as an indicator that Bitcoin (BTC) may finally have set a bottom after an eight-month-long bear market.
The pseudonymous crypto enthusiast TechDev tells his 399,600 Twitter followers about the significance of 1-year HODL waves, a metric that keeps track of Bitcoin that has remained dormant for over a year. During three prior instances where static BTC peaked in 2012, 2015 and 2019, a rally soon followed.
“1 yr+ HODL wave 200-day rate of change peaks over 0.1.
4 signals in 11 years.”
At time of writing, Bitcoin is down less than a percent in the past 24 hours and trading for $23,066.
TechDev next looks at how altcoins have performed against the US