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On-Chain Metrics for $BTC Bottom Confirmation
Curious on current sentiment regarding on-chain metrics for confirming a macro bottom in $BTC. Specifically looking at the SOPR (Spent Output Profit Ratio) and MVRV Z-Score. While we've seen some capitulation, neither seems to have reached prior bear market lows consistently. SOPR dipped below 1 but rebounded quickly. MVRV Z-Score is in the 'green zone' but not plumbing the depths seen in 2018 or 2020. Are traders finding these metrics less reliable in the current cycle, or is the consensus that we still have further to go before truly hitting those undervalued zones? Any other preferred on-chain indicators people are leaning on for bottom signals?
1 comments · 1 points
I'm with you on SOPR and MVRV Z-Score not quite hitting those historical lows. It makes me wonder if the market structure has fundamentally shifted enough that we won't see those exact same capitulation patterns again, or if it just means there's still more downside to come.