G20: Towards a common approach to regulate cryptos?

Bitcoin has been on a bullish trajectory since the start of 2023. Despite the rally, the flagship crypto is still far from its high of $69,000 hit in November 2021. For some analysts, there are plenty of reasons for hope big moves in the bitcoin (BTC) market. Fidelity researcher Jack Neureuter recently shared his analysis of bitcoin on-chain data. Check out the researcher’s predictions for the flagship crypto.

The metrics that make Neureuter optimistic about bitcoin

Jack Neureuter presented several on-chain measures on Bitcoin, the 1er March. The Fidelity researcher explained that the latter point to big positive moves to come in the market. The first metric that Neureuter cited is the hash rate bitcoin. It appears that the average power of the network is found at peak levels of 327 exahashes per second.

The solvency issues cited by many publicly traded miners last year appear to have eased for now as new machines continue to find their way online to secure the network.», noted Neuuter. Additionally, the Lightning Network is showing an all-time high in the amount of BTC locked.

A thread to explain the situation

Another metric that makes the analyst fundamentally bullish on bitcoin is the number of tokens that have not moved. It appears that more than 67% of BTC has remained frozen over the past year. At the same time, the number of BTC token accumulation addresses has increased significantly. It reached a sum of 800,000, according to data from Glassnode.

A supplement !

The last metric that Neureuter mentioned is the average bitcoin block size. The latter reached a record level with the explosion of registrations on Ordinals. The researcher indicated that an increase in demand for block spaces could increase Bitcoin’s revenue.

Jack Neureuter noted that the “bitcoin saw 4 price declines of over 70% before last year’s crash“. He added : “Based on on-chain data today, the 5th times can follow this earlier historical trend“. That said, the price of BTC has remained rather constant over the past 48 hours. Currently, the value of the flagship crypto is hovering around $23,000. Investors would like bitcoin to successfully break through the resistance at $25,000 to set new all-time highs.

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