The Veteran On-chain market analysis platform Glassnode, has recently revealed reasons why now is most likely the best entry point into Bitcoin especially for investors who are looking to vest their money for long term. Glassnode, is an analysis platform that focuses on providing advanced data, charts and insights on Bitcoin and other digital assets to investors.
The Blockchain data provider, via its Twitter platform, explained that the Bitcoin Puell Multiple has returned to a safe zone, a zone similar to where it was before the BTC rallied up by over 9,200% within two years, precisely 2015 to 2017.
Galssnode noted that this level, which is below the 0.5 line, is known as an excellent entry point into Bitcoin, based on history. Glassnode said this is for investors with long-term horizon.
Puell Multiple is a forecaster of Bitcoin boom-and-burst from miners’ profitability standpoint. The Puell Multiple indicator divides the daily supply of Bitcoin in USD by the number of days in a year, to determine the daily mean issuance of Bitcoin.
As reported by Glassnode’s chart, history has it that long-term investors who buy and hold Bitcoin when Bitcoin’s Puell multiple is below 0.5 often record outstanding profits.
It is however worth mentioning that this is happening shortly after Bitcoin Bottomed due to the selloff influence of the Covid-19 pandemic in March, the indicator flash was the same signal that marked Bitcoin rise after bottoming in 2012, 2015 and 2019 respectively.
Bitcoin Whales’ Exchange Withdrawals Hint a Time to Enter the Market
In a similar development, Ki Young Ju, the CEO of CryptoQuant, an on-chain analysis resource, had taken to Twitter to disclose that Whales withdrawal of Bitcoin from exchanges is an indication that its now safe for investors to buy Bitcoin.
The prominent Crypto analyst uploaded two charts, comparing the 2019 and 2018 Bitcoin bull runs. He pointed out that the start of each upsurge happened just four months after Whale’s withdrawals.
According to Ki Young Ju’s data which was released via CryptoQuant’s seven-day whale withdrawals metric, Bitcoin price often flip bullish a few months after whale withdrawal, hence the crypto community is about to get another insightful experience.
Time would however tell if this prediction is right or otherwise, as it almost three months since the most recent Bitcoin annual withdrawal peak which took place in March. If the cryptospace is about to get another experience of such, then a bullish market should be experienced in July.