According to CryptoQuant, several key figures suggest a buy recommendation for Bitcoin.
Several “on-chain” metrics suggest a clear “buy recommendation” for Bitcoin ( BTC ) this week .
As the corresponding data from the blockchain market researchers from CryptoQuant show, a total of 10 indicators point to such a recommendation.
CryptoQuant: Bitcoin is „healthy“
Of the 11 key figures that form the basis of the evaluation for the analysis of CryptoQuant, eight are “buy recommendation” for Bitcoin, two are “strong buy recommendation” and only one is “neutral”. No indicator shows „sell“.
From this, the crypto market researchers conclude: „In the long term, the on-chain metrics of Bitcoin look healthy.“
The two strongest recommendations come from the metrics „Stablecoin Supply Ratio“ (SSR) and “ Exchange Stablecoin Reserves „.
As Cointelegraph had recently reported , both indicators have been positive for a long time despite the fluctuating exchange rates
The SSR considers the total of all stablecoin assets in relation to the price of Bitcoin. Although the price development is currently rather sideways, the purchase support is still strong.
As a reminder: Stablecoins are cryptocurrencies that are linked to an external asset (e.g. US dollar) in order to achieve the (value) stability that gives it its name. Accordingly, stablecoins are primarily used as a means of payment, with the entirety of all stablecoins representing a kind of “purchasing power” on the crypto market.
Positive prospects on all fronts
The on-chain key figures mentioned underline the positive picture that the remaining technical data also paint.
With hashrate and mining difficulty, both network metrics are also clearly on the rise and are climbing towards new records . This proves that Bitcoin miners are optimistic in the long term.
The statistician Willy Woo is equally confident that things will look up again in the near future.
PlanB , the inventor of the stock-to-flow forecast model for Bitcoin, also sees the market-leading cryptocurrency in the target and is convinced that the next step on the path of 10,000 to 100,000 US dollars is imminent.
The only negative voice at the moment comes from Robert Kiyosaki , who warned on Tuesday that a corona vaccine could at least temporarily cause a „crash“ of Bitcoin.