Is the Crypto Market Bottom In?

Is the market bottom in? Let's have a look at onchain data for BTC.

Data referenced from @ARKInvest Bitcoin Monthly (November 2022).

BTC profit/loss ratio drops below 10%. In previous market bottoms (2015/2018), this ratio indicated the bottom.

BTC long term holders have increased. In bull markets, you'll notice that long term holders decrease as price moves up, indicating that long term holders are selling their bags.

Looking at previous market cycles, BTC hash rates drop whenever the market bottoms.

Based on onchain data, it seems that the market bottom is in for the crypto market. However, we need to look at the macro situation in order for a recovery to happen. Macro indicators still look bearish. A recovery might be months away.

What do you think?

This post is based on this twitter thread.