Why These Bitcoin Long-Term Metrics Show Possible Bear Market Turnaround

Bitcoin has been moving sideways for the better part of a week after rebounding from a monthly low at around $17,900. The number one cryptocurrency hinted at a potential breakout, but once again the bulls are losing momentum leaving BTC’s price stuck at its current levels. Related Reading: What Zombiechain? Cardano Tops Blockchains In Active Developer Counts At the time of writing, Bitcoin (BTC) trades at $19,500 with a 2% profit in the last 24 hours and sideways movement over the past week. The crab-like price action is replicating throughout the crypto market with large assets moving either sideways or to the downside. Bitcoin Is Forming A Convincing Bottom? Data from research firm Santiment indicates that Bitcoin has been moving sideways for the past 4 months with spikes in volatility over that period. Regardless of BTC’s price, the research firm claims that the cryptocurrency might be in the process of bottoming based on several metrics. First, Santiment looked into the cryptocurrency’s distribution or the amount of BTC currently being sold in the market. After the pronounced crash from the 2021 highs, the current BTC market, the research firm claims, is looking like the 2017 to 2019 period. As seen in the chart below, the price of Bitcoin saw a decline in its mean dollar invested age (BTC) and its Market Value To Realized Value, a metric used to gauge investor behavior. As seen in the chart below, when the MVRV crashed, w...