{"id":519038,"date":"2023-02-08T20:00:53","date_gmt":"2023-02-08T20:00:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=519038"},"modified":"2024-06-11T08:33:39","modified_gmt":"2024-06-11T08:33:39","slug":"another-bitcoin-metric-turns-bullish-with-price-at-23000-and-forecasts-more-profits","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/another-bitcoin-metric-turns-bullish-with-price-at-23000-and-forecasts-more-profits\/","title":{"rendered":"Another Bitcoin Metric Turns Bullish With Price At $23,000 And Forecasts More Profits"},"content":{"rendered":"

Bitcoin has been moving sideways during this week as bullish momentum fades under the pressure of macroeconomic uncertainty. The cryptocurrency has been recording significant profits since the beginning of 2023, flipping market sentiment from fear to optimism as it reconquers previously lost ground. <\/strong><\/p>\n

Related Reading: AI Token The Graph (GRT) Sees Correction, But How High Can The Price Go?<\/a><\/div>\n

As of this writing, Bitcoin (BTC) trades at $23,000 with sideways movement across the board. Other cryptocurrencies in the top 10 by market cap are seeing better performance, with Polygon (MATIC), Ethereum (ETH), and Cardano (ADA) still trading in the green over the same period.<\/p>\n

\"Bitcoin
BTC’s price moving sideways on the daily chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin Long-Term Fundamentals Hint At Further Profits<\/h2>\n

As Bitcoin pierced through the critical resistance at $24,000, fundamental metrics point towards extending the current bullish trend. According to a report<\/a> from Bitfinex Alpha, the Realized Profit\/Loss Ratio (RPLR) for BTC turned bullish for the first time since April 2022.<\/p>\n

The RPLR is used to gauge the buyer\/seller dynamics. At its current levels, the indicator points to two critical facts: Bitcoin investors are taking profits, and there is enough buying pressure in the crypto market to counter sellers. The report noted:<\/p>\n

\u201cthis generally signifies that sellers with unrealized losses have been exhausted, and a healthier inflow of demand exists to absorb profit taking\u201d. Hence, this indicator is sending a bullish sign for a longer timeframe investor.<\/p><\/blockquote>\n

As seen in the chart below, a spike in this metric above zero has preceded periods of extended appreciation, such as the February to March and the August to November bull runs from 2021. At that time, Bitcoin recovered from a significant crash before it resumed its bullish momentum and re-entered price discovery.<\/p>\n

\"Bitcoin
BTC’s history with the RPLR hints at further appreciation in the coming months. Source: analytics.thuancapital via Bitfinex Alpha<\/figcaption><\/figure>\n

Bottom In, Bears On Their Way Out<\/h3>\n

As the report noted, this is not the first time Bitcoin has bottomed following a spike in its RPLR. In 2019, when the metric hit 0.2, the cryptocurrency crashed to a multi-year low of $3,600, then moved to a long consolidation period before rallying to a new all-time high.<\/p>\n

Related Reading: This Little-Known Crypto Erupts 1,300% In Last 24 Hours \u2013 Find Out Here<\/a><\/div>\n

The report claims that the BTC\u2019s price could see similar price action throughout 2023, with long consolidation followed by more rallies. These bull runs often see Bitcoin trading 20x or 10x from its low. Bitfinex noted:<\/p>\n

The RPLR again recently bottomed around 0.18, its lowest since 2011, and Bitcoin was trading in the $16,000s in November 2022. Bulls will be hoping for history to once again rhyme, and that the world\u2019s largest cryptocurrency by market cap can post another exponential rally from lows over the next three or so years. A 10x rally from recent lows would see Bitcoin hitting around $160,000.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has been moving sideways during this week as bullish momentum fades under the pressure of macroeconomic uncertainty. The cryptocurrency has been recording significant profits since the beginning of 2023, flipping market sentiment from fear to optimism as it reconquers previously lost ground. Related Reading: AI Token The Graph (GRT) Sees Correction, But How High Can The Price Go? As of this writing, Bitcoin (BTC) trades at $23,000 with sideways movement across the board. Other cryptocurrencies in the top 10 by market cap are seeing better performance, with Polygon (MATIC), Ethereum (ETH), and Cardano (ADA) still trading in the green over the same period. Bitcoin Long-Term Fundamentals Hint At Further Profits As Bitcoin pierced through the critical resistance at $24,000, fundamental metrics point towards extending the current bullish trend. According to a report from Bitfinex Alpha, the Realized Profit\/Loss Ratio (RPLR) for BTC turned bullish for the first time since April 2022. The RPLR is used to gauge the buyer\/seller dynamics. At its current levels, the indicator points to two critical facts: Bitcoin investors are taking profits, and there is enough buying pressure in the crypto market to counter sellers. The report noted: \u201cthis generally signifies that sellers with unrealized losses have been exhausted, and a healthier inflow of demand exists to absorb profit taking\u201d. Hence, this indicator is sending a bullish sign for a longer timeframe investor. As seen in the chart below, a spike in this metric above zero has preceded periods of extended appreciation, such as the February to March and the August to November bull runs from 2021. At that time, Bitcoin recovered from a significant crash before it resumed its bullish momentum and re-entered price discovery. Bottom In, Bears On Their Way Out As the report noted, this is not the first time Bitcoin has bottomed following a spike in its RPLR. In 2019, when the metric hit 0.2, the cryptocurrency crashed to a multi-year low of $3,600, then moved to a long consolidation period before rallying to a new all-time high. Related Reading: This Little-Known Crypto Erupts 1,300% In Last 24 Hours \u2013 Find Out Here The report claims that the BTC\u2019s price could see similar price action throughout 2023, with long consolidation followed by more rallies. These bull runs often see Bitcoin trading 20x or 10x from its low. Bitfinex noted: The RPLR again recently bottomed around 0.18, its lowest since 2011, and Bitcoin was trading in the $16,000s in November 2022. Bulls will be hoping for history to once again rhyme, and that the world\u2019s largest cryptocurrency by market cap can post another exponential rally from lows over the next three or so years. A 10x rally from recent lows would see Bitcoin hitting around $160,000.<\/p>\n","protected":false},"author":535,"featured_media":517793,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-519038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Metric Turns Bullish At $23k And Forecasts More Profits<\/title>\n<meta name=\"description\" content=\"Bitcoin has been moving sideways during this week as bullish momentum fades under the pressure of macroeconomic uncertainty.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Another Bitcoin Metric Turns Bullish With Price At $23,000 And Forecasts More Profits","url":"http:\/\/uniquehot.com\/news\/another-bitcoin-metric-turns-bullish-with-price-at-23000-and-forecasts-more-profits\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/another-bitcoin-metric-turns-bullish-with-price-at-23000-and-forecasts-more-profits\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/bitcoin-2643188_1920.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/bitcoin-2643188_1920.jpg?fit=1920%2C1280"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-02-08T20:00:53Z","datePublished":"2023-02-08T20:00:53Z","dateModified":"2024-06-11T08:33:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Another Bitcoin Metric Turns Bullish With Price At $23,000 And Forecasts More Profits\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/another-bitcoin-metric-turns-bullish-with-price-at-23000-and-forecasts-more-profits\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/another-bitcoin-metric-turns-bullish-with-price-at-23000-and-forecasts-more-profits\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/bitcoin-2643188_1920.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/bitcoin-2643188_1920.jpg?fit=1920%2C1280\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-02-08T20:00:53Z\",\"datePublished\":\"2023-02-08T20:00:53Z\",\"dateModified\":\"2024-06-11T08:33:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/bitcoin-2643188_1920.jpg?fit=1920%2C1280","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/519038"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=519038"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/519038\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/517793"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=519038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=519038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=519038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}