Bitcoin Is ‘So Bullish’ At $23K As Analyst Reveals New BTC Price Indicators

Bitcoin (BTC) remains solidly bullish at $23,000, according to new metrics on the circuit from one of the industry’s best-known names.

IN preview on January 28, market rider and circuit analyst Cole Garner revealed what he says are “tested and validated” Bitcoin trading tools.

Garner: BTC price signals should excite the bulls

While BTC/USD is trying to push liquidity above $23,000, debate rages over whether a significant BTC price correction is due.

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

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

One metric compares the ratio of BTC to stablecoins between exchanges. It hit multi-year highs, a screenshot appears to show, beating its highs from every event since early 2020.

“It’s rarely wrong,” Garner claims, without providing further details on the mechanism of action.

The traditionally high liquidity of stablecoins suggests continued upside as the funds bide their time to enter Bitcoin or other crypto assets.

BTC/USD Annotated Chart. Source: Cole Garner/Twitter

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

“It generates faster trading signals, with a longer track record. It’s so upbeat right now,” he reiterated.

BTC/USD Annotated Chart. Source: Cole Garner/Twitter

According to the latest data from the chain analytics firm Glassnoderealized profit versus realized loss continues to organize expected recovery in line with price action.

Bitcoin Net Realized Profit/Loss Chart. Source: Glassnode

As reported by Cointelegraph, net unrealized profit and loss—the portion of BTC supply that is not transacted—also transformed this month thanks to Bitcoin’s 40% gains..

The miners were shot dead in an explosion after surrendering

Additional optimism focuses on the recovery of Bitcoin miners.

Connected: Bitcoin Hashrate Hits New Milestone As Miner Holds At 1-Year Low

According to the popular Hash Ribbons metric, the Bitcoin mining sector has recently came out of a period of surrender which followed as a result of BTC price declines after FTX.

Hash bars use hash rate to determine periods of miner stress. Such recoveries have historically coincided with BTC price “corrections,” as described by digital asset management and global macro investment firm Wakem Capital Management this week.

Chirping Data from Glassnode, Wakem highlighted that the latest capitulation exit came just before FTX, depriving Bitcoin bulls of the gains traditionally associated with the event.

Bitcoin Hash Ribbons Annotated Chart. Source: Wakem Capital Management/Twitter

The views, thoughts and opinions expressed herein are solely those of the authors and do not necessarily reflect the views and opinions of Cointelegraph.