3 historically accurate Bitcoin on-chain metrics are flashing ‘bottom’

(BTC) and other riskier assets slipped on Oct. 21 as traders scrutinized macro indicators that suggest the Federal Reserve would continue to hike rates. Nonetheless, the pair remains rangebound inside the $18,000–$20,000 price range, showing a strong bias conflict in the market.

Notably, BTC’s price has been unable to dive deeper below $18,000 since it first tested the support level in June 2022. As a result, some analysts believe that the cryptocurrency is bottoming out, given it has already corrected by over 70% from its record high of $69,000, established almost a year ago.

BTC/USD daily price chart. Source: TradingView
Bitcoin’s historical drawdowns. Source: Arcane Research
Bitcoin MVRV Z-Score. Source: Glassnode
Bitcoin Reserve Risk vs. price. Source: Glassnode
Bitcoin Puell Multiple vs. price. Source: Glassnode