Analyst in the altcoin market Cole Garner suggests that Bitcoin bulls will be treated to a feast during the current BTC price revival.
Bitcoin ( BTC) remains “bullish” at $23,000, according to the latest on-chain data by one of the most well-known industry brands.
In a review of Jan. 28, market cyclist and analyst on-chain Cole Garner revealed what he declared to be “backtested and validated” Bitcoin trading tools.
Garner: BTC price signals should be arousing for bulls
In the meantime, as BTC/USD attempts to boost liquidity over $23,000, controversy continues about whether a major BTC price decline is in the works.
For Garner, who shared an image of a variety of trade signals for Twitter users over the weekend, There’s no question that the image is definitely green.
“They are looking so bullish right now,” He summarized in a part of the accompanying commentary.
One measurement is how much BTC in relation to the stablecoin on different exchanges. The number of stablecoins has reached multi-year heights and, as the screenshot seems to demonstrate, surpassing the highest levels of any other event that has occurred since early 2020.
“It is rarely ever wrong,” Garner claimed while not providing additional details about its mechanism of action.
Traditionally, high stablecoin liquidity hints at bullish continuation, with funds “waiting in the wings” to enter Bitcoin or other crypto assets.
Garner presented the ratio of on-chain volume traded in profit, hitting its highest levels in at least three-and-a-half years.
“It generates faster trade signals, with a longer track record. It is so bullish right now,” he reiterated.
According to the latest data from on-chain analytics firm Glassnode, realized profit versus realized loss continues to stage an expected recovery in line with price action.
As Cointelegraph reported, net unrealized profit and loss — the portion of the BTC supply not being transacted — has also transformed this month thanks to Bitcoin’s 40% gains.
Miners get shot at post-capitulation blast-off
Further optimism focused on a recovery among Bitcoin miners.
According to the popular Hash Ribbons metric, the Bitcoin mining sector has recently exited a period of capitulation which ensued as a result of the post-FTX BTC price declines.
Hash Ribbons use hash rate to determine periods of miner stress. Such recoveries have historically coincided with BTC price “corrections,” as described by digital asset and global macro investment management firm Wakem Capital Management this week.
Tweeting Glassnode data, Wakem highlighted that the last capitulation exit came just before FTX, denying Bitcoin bulls the gains traditionally associated with the event.