On Dec. 21, 2022, the popular crypto trader, Benjamin Cowen, shared a YouTube video on his YouTube channel, “Bitcoin On-Chain: Percentage of Supply in Profit/Loss.”
Benjamin Cowen is a popular crypto analyst, CEO and Founder of Into The Cryptoverse, a popular newsletter. He also owns a YouTube channel of his name, which has nearly 779K subscribers. Over the most traded cryptocurrency he made his on-chain analysis and shared a video on his YouTube channel.
Bitcoin On-Chain Analysis
Mr. Cowen said in his video that “It is time yet again for us to put on our on-chain analysis hat with regards to Bitcoin.”
“This chart shows the percentage of existing coins whose price was lower than the current price the last time they moved on-chain. Currently only data for Bitcoin is available. There are also options to swith to the percentage of existing coins whose price was higher than the current price the last time they moved on-chain, and an option to view both,” he noted.
He said that “the supply of Bitcoin in profit and loss ratio, the bears are losing momentum as the price of Bitcoin keeps falling.”
“You can see the bears are losing steam… I mean each new leg down, like the first major down, bears had a ton of momentum. Second one, still a good bit of momentum. Third one, some momentum. Fourth, the momentum is really starting to slow down. So the bears are slowly losing momentum as we get deeper and deeper into the bear market.”
However, the current price of Bitcoin is $16,835.97 USD with a 24-hour trading volume of $16.89 Billion USD. It is down 0.01% in the last 24 hours, with a live market cap of $323.94 Billion USD.
According to Mr. Cowen, what comes next after bears lose momentum is the consolidation phase before a bullish cycle commences, as “Those first leg downs, major momentum. They lose momentum as we get further down and eventually the bulls sort of offset the bears, we get into that long accumulation phase… then we build out for the next cycle.”
As he said the current bearish market phase is resembling the previous bearish market phase in spite of the unique challenges that the crypto industry has already faced in this year. Whether it was the collapse of various firms or the tragic macro environment.
“Despite everything that crypto has gone through this year, not only with things like Celsius and FTX and Terra (LUNA) and all that stuff and BlockFi even more recently, and all the FUD [fear, uncertainty, and doubt] going on today, despite even a recession potentially coming up, despite all of that, so far this is not that dissimilar from what we’ve seen every single bear market,” as he added in his YouTube video.
Furthermore, in his recent tweet, Mr. Cowen mentioned that “bear markets have a way of separating a fool and their money.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/12/23/benjamin-cowens-bitcoin-on-chain-analysis/