Analyst Benjamin Cowen, one of the leading names in the crypto money industry, states that a historically reliable on-chain indicator points to the bottom levels in Bitcoin. At least, he says, the BTC price is very close to bottoming out.
Benjamin Cowen draws attention to the Bitcoin supply chart in gains and losses. This chart shows how many of the BTC coin holders are gaining and how many are losing. The popular analyst also says that the metric of BTC's gain and loss has historically always coincided with long-term highs and lows. According to Cowen, if BTC sees a new downside move or a capitulation, then this indicator will strongly indicate that the bottom is now formed.
“I find some charts very interesting. One of them is the supply chart that gains and suffers losses. There is something important about this chart. If this chart does not show an intersection historically, it means that Bitcoin did not bottom out. For the bottom, it must intersect. Here is an intersection yesterday. They crossed yesterday for the first time in this cycle. We see a cyclical pattern on the Bitcoin gain and loss supply chart. The bottom occurs after the cross. If there is an uptrend after that, it means the path to a new all-time high has now been opened. But if a new low comes, This means that there will be a major low at this time. This is one of the indicators to watch out for."
Taking a look at the CoinGecko data, the price of the leading cryptocurrency Bitcoin is $21,558.26 at the time of writing, and BTC's last 24-hour trading volume is $31,887,462.088. Bitcoin (BTC) price has increased by 1.3% in the last 24 hours, according to the platform's data.