{"id":521965,"date":"2023-03-06T19:30:09","date_gmt":"2023-03-06T19:30:09","guid":{"rendered":"https:\/\/ktsl888.com\/?p=521965"},"modified":"2024-06-11T08:34:51","modified_gmt":"2024-06-11T08:34:51","slug":"bitcoin-metric-triple-bottom-happened-last-time","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-metric-triple-bottom-happened-last-time\/","title":{"rendered":"This Bitcoin Metric Is Forming A ‘Triple Bottom,’ Here’s What Happened Last Time"},"content":{"rendered":"

On-chain data shows the Bitcoin active addresses metric is forming a triple bottom right now. Here’s what happened the last time this pattern formed.<\/p>\n

30-Day WMA Bitcoin Active Addresses Forms Triple Bottom Structure<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the price of the cryptocurrency saw a sharp increase when this kind of triple bottom structure took shape back during the 2018-2019 bear market.<\/p>\n

The relevant indicator here is the “active addresses<\/a>,” which measures the daily total number of Bitcoin addresses that are getting involved in some kind of transaction activity on the chain.<\/p>\n

The metric accounts for both senders and receivers in this calculation, and it also only counts unique addresses, meaning that if the same address makes multiple transfers in a single day, it’s still counted only once.<\/p>\n

When the value of this indicator is high, it means a large number of addresses are taking part in some transfer activity right now. Such a trend suggests traders could be active in the BTC market currently.<\/p>\n

On the other hand, low values imply not many users are active on the blockchain at the moment. This kind of trend can be a sign that the general interest in the cryptocurrency is low currently.<\/p>\n

Related Reading: Bitcoin Price Facing An Inflection Point? What Analysts Say<\/a><\/div>\n

Now, here is a chart that shows the trend in the Bitcoin active addresses over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been rising in recent weeks | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the version of the Bitcoin active addresses here is actually the 30-day weighted moving average (WMA) one. A WMA is a type of MA that puts more weight on the newer data as compared to the older one (hence the “weighted” in the name).<\/p>\n
From the chart, it’s apparent that this indicator’s value had plunged pretty hard as the 2018-2019 bear market<\/a> started and had remained at pretty low values throughout it.<\/p>\n
The metric had made some attempts to put together an uptrend, but it failed the first two times and created local bottoms. These bottoms, along with the bottom for the initial plunge, together formed a sort of “triple bottom” shape.<\/p>\n
Related Reading: This Report Claims Bitcoin NFT Market Will Grow By 2025, But How?<\/a><\/div>\n
Following the last of these three bottoms, the metric was finally able to amass together some actual upwards momentum, as it then went on to rally to a local top.<\/p>\n
Alongside this rise in the 30-day WMA active addresses, the price of Bitcoin also observed a rally out of the bear market lows, in an event now called the April 2019 rally<\/a>.<\/p>\n
There have been some interesting similarities already between the April 2019 rally and the latest price surge that BTC has been observing. Curiously, the active addresses indicator has formed a similar triple bottom pattern in this bear market as well.<\/p>\n
“If Bitcoin follows the triple bottom structure of the last major cycle, we\u2019re about to see incremental price increases across 2023,” explains the quant.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $22,400, down 5% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
The value of the asset seems to have gone stale since the plunge | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin active addresses metric is forming a triple bottom right now. Here’s what happened the last time this pattern formed. 30-Day WMA Bitcoin Active Addresses Forms Triple Bottom Structure As pointed out by an analyst in a CryptoQuant post, the price of the cryptocurrency saw a sharp increase when this kind of triple bottom structure took shape back during the 2018-2019 bear market. The relevant indicator here is the “active addresses,” which measures the daily total number of Bitcoin addresses that are getting involved in some kind of transaction activity on the chain. The metric accounts for both senders and receivers in this calculation, and it also only counts unique addresses, meaning that if the same address makes multiple transfers in a single day, it’s still counted only once. When the value of this indicator is high, it means a large number of addresses are taking part in some transfer activity right now. Such a trend suggests traders could be active in the BTC market currently. On the other hand, low values imply not many users are active on the blockchain at the moment. This kind of trend can be a sign that the general interest in the cryptocurrency is low currently. Related Reading: Bitcoin Price Facing An Inflection Point? What Analysts Say Now, here is a chart that shows the trend in the Bitcoin active addresses over the last few years: Looks like the value of the metric has been rising in recent weeks | Source: CryptoQuant As displayed in the above graph, the version of the Bitcoin active addresses here is actually the 30-day weighted moving average (WMA) one. A WMA is a type of MA that puts more weight on the newer data as compared to the older one (hence the “weighted” in the name). From the chart, it’s apparent that this indicator’s value had plunged pretty hard as the 2018-2019 bear market started and had remained at pretty low values throughout it. The metric had made some attempts to put together an uptrend, but it failed the first two times and created local bottoms. These bottoms, along with the bottom for the initial plunge, together formed a sort of “triple bottom” shape. Related Reading: This Report Claims Bitcoin NFT Market Will Grow By 2025, But How? Following the last of these three bottoms, the metric was finally able to amass together some actual upwards momentum, as it then went on to rally to a local top. Alongside this rise in the 30-day WMA active addresses, the price of Bitcoin also observed a rally out of the bear market lows, in an event now called the April 2019 rally. There have been some interesting similarities already between the April 2019 rally and the latest price surge that BTC has been observing. Curiously, the active addresses indicator has formed a similar triple bottom pattern in this bear market as well. “If Bitcoin follows the triple bottom structure of the last major cycle, we\u2019re about to see incremental price increases across 2023,” explains the quant. BTC Price At the time of writing, Bitcoin is trading around $22,400, down 5% in the last week. The value of the asset seems to have gone stale since the plunge | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":522028,"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":[428,84875,11680,87936,1119,1144],"class_list":["post-521965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-active-addresses","tag-bitcoin-bullish","tag-bitcoin-triple-bottom","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nThis Bitcoin Metric Is Forming A 'Triple Bottom,' Here's What Happened Last Time<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin active addresses metric is forming a triple bottom right now. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Bitcoin Metric Is Forming A ‘Triple Bottom,’ Here’s What Happened Last Time","url":"http:\/\/ktsl888.com\/news\/bitcoin-metric-triple-bottom-happened-last-time\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-metric-triple-bottom-happened-last-time\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin active addresses","bitcoin bullish","bitcoin triple bottom","btc","btcusd"],"dateCreated":"2023-03-06T19:30:09Z","datePublished":"2023-03-06T19:30:09Z","dateModified":"2024-06-11T08:34:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Bitcoin Metric Is Forming A ‘Triple Bottom,’ Here’s What Happened Last Time\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-metric-triple-bottom-happened-last-time\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-metric-triple-bottom-happened-last-time\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin active addresses\",\"bitcoin bullish\",\"bitcoin triple bottom\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-03-06T19:30:09Z\",\"datePublished\":\"2023-03-06T19:30:09Z\",\"dateModified\":\"2024-06-11T08:34:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/521965"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=521965"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/521965\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/522028"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=521965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=521965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=521965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}