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Forget Technical Analysis, On-Chain Metrics Suggest Bitcoin Upside

Nov. 01, 2021 8:49 PM ETBitcoin USD (BTC-USD)ETH-USD10 Comments
John Miller profile picture
John Miller


  • On-chain metrics taken from crypto blockchains provide adoption measurements and unique price signals related to discernible user motivations.
  • Active address counts on the Ethereum platform, which has been correlated to positive price movement, show a significant recent uptick.
  • Confirmed Bitcoin transactions and payments have recovered since the July lull induced by the China trading and mining crackdown.
  • The current on-exchange BTC count is at the lowest point in the past twelve months and falling. This points to price strength and participants maintaining a HODL stance.
  • Bitcoin's adjusted MVRV metric is sitting right at the border between an accumulate recommendation and a hold recommendation.
Bitcoin Cryptocurrency concept

Olemedia/E+ via Getty Images

It is hard to value the Bitcoin (BTC-USD) network and other large-cap coins like Ethereum (ETH-USD) using any semblance of traditional analysis. Benjamin Graham's earnings and growth formula just doesn't apply in the crypto space. This may be one

This article was written by

John Miller profile picture
Experience as a senior manager for a large retail chain. Managed multiple locations with sales in the low seven digits. Hands on P&L responsibility and controllable costs management experience. Expert in customer care and customer care training for team members. Studied international affairs at the George Washington University with a specialization in economics.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of BTC-USD, ETH-USD, BLOK either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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