Bitcoin Risks A Year-Long Bear Market If This Happens: On-Chain Data

Bitcoin’s price action has pushed a closely watche

Bitcoin Risks A Year-Long Bear Market If This Happens: On-Chain Data

Bitcoin Risks A Year-Long Bear Market If This Happens: On-Chain Data

Bitcoin’s price action has pushed a closely watched on-chain profitability gauge into a configuration that, in 2022, preceded an extended drawdown and one analyst says a break below $70,000 would risk repeating that “year-long” reset.

Bitcoin Supply in Profit chart with three moving averages | Source: Axel Adler
SMA crossover forecast | Source: Axel Adler
Bitcoin remains between the 0.618 and 0.786 Fib, 1-week chart | Source: BTCUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

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