Bitcoin is remaining “firmly bullish” at $23,000, according to market cyclist and on-chain analyst Cole Garner. He has revealed new on-chain metrics that he claims are “backtested and validated” Bit coin trading tools. These trading signals have led him to conclude that the outlook for Bit coin is positive and that there is no indication of a significant price correction.
Garner Revealed Bitcoin Metrics Trend
One of the metrics that Garner highlighted compares the ratio of Bit coin to stablecoins across exchanges. He stated that this ratio has reached multi-year highs, surpassing peaks from any event since early 2020. He also claimed that this metric is “rarely ever wrong” and that high stablecoin liquidity is a strong indication of a bullish continuation for Bit coin and other crypto assets. The implication is that investors are waiting to enter the Bit coin market.
Despite the positive outlook, the debate around the future of Bit coin’s price continues. While some experts believe that Bitcoin has the potential to continue to rise, others have warned of a potential correction. However, with the release of these new on-chain metrics, Cole Garner is adding his voice to those who believe that Bitcoin’s price will remain bullish in the near future.