Analysts believe that bitcoin (BTC) has already bottomed or was “very close” to it, waiting for new data this week.

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In a Twitter thread on June 22, renowned indicator creator David Puell talked about what he thinks “looks interesting” about the current buying and selling of bitcoin.

The lower bound for “high probability” is in

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Since many sources are calling for BTC/USD to fall to $14,000 or lower, bullish predictions regarding the current price movement are very rare.

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However, for Puell, the dynamic between long-term (LTH) and short-term holders (STH) hints that the situation is not necessarily as bearish as many fear.

By isolating the underlying value for each group, Puell showed that those who had been in the market longer were generally paying less for their BTC than recent investors.

As such, Bitcoin is at multi-year lows, so the pain is more related to STH than LTH. Thus, the capitulation sell-off of the former could have already manifested itself.

“In my opinion, there is a high probability that we have hit the bottom or are really close to it,” said popular analyst Ruth.

However, as reported by Cryptooshala, even LTH, defined as wallet entities holding coins for 155 days or more, was still circulating in the market in recent weeks.

Mayer Multiple approaching the historic floor

However, those who are looking for a profitable opportunity to “buy on the dip” of bitcoin may be in luck, according to another popular on-chain metric, Multiple Mayer.

Bitcoin price rises to $20.7 thousand

As of June 22, an indicator that shows how much below the 200-day moving average (DMA) the current spot price is is hinting that ROI rarely improves.

At 0.5, the multiplier is 50% below the 200 DMA and was only 2% below Bitcoin’s lifetime.

“Macro conditions are different this time around, but worth keeping an eye on,” crypto-entrepreneur Kyle Chasse. commented on the figures.

Bitcoin Mayer Multiple Chart. Source: glassnode

The views and opinions expressed here are solely those of the author and do not necessarily reflect those of Cryptooshala.com. Every investment and trading step involves risk, you should do your own research when making a decision.