Bitcoin Mirroring Familiar Trend in 2023, Reveals Two New Metrics
SLRV Ribbon or Bitcoin Yardstick tool shows 2019 copycat behavior regarding Bitcoin price recovery. A new analysis shows that Bitcoin BTC is down $28,319 and is on track for a new bull market that should deliver serious returns along the way.
In a tweet on April 2, Charles Edwards, founder of Bitcoin, digital asset hedge fund Capriole Investments or flagged a “well-known” bullish signal in the SLRV ribbon metric.
Key Takeaways
- Both the SLRV Ribbon and Bitcoin Yardstick tool show 2019 copycat behavior.
- The SLRV Ribbon is a tool for measuring potential Bitcoin profitability.
- The SLRV ratio takes the percentage of BTC supply active in the last 24 hours.
- Bitcoin Yardstick is drawing a very familiar sign for 2019 lows.
- Bitcoin’s price remains highly volatile and is subject to numerous risks, such as regulatory scrutiny.
Edwards SLRV Launches’ New Trend’
The SLRV Ribbon is a tool for measuring potential Bitcoin profitability. Proposed by Capriole in 2022, this metric is based on the ratio of short-term to long-term realization value (SLRV) by renowned analyst David Puell.
SLRV ratio takes the percentage of BTC supply active in the last 24 hours and compares it to previous activity 6-12 months ago. This result shows how active short-term and long-term collection is at a given time.
While this gives investors insight into sentiment and possible price action, Edwards argues that such bids can change over time.
The SLRV ribbon tries to combat this by analyzing the interaction between two moving averages. If the short-term 30-day moving average exceeds the long-term 150-day moving average, it is the beginning of an uptrend for Bitcoin.
It’s a new trend in SLRV tapes and a familiar sound,” he summarized.
Edwards added that although relatively new, SLRV Ribbon has been backtested to demonstrate its credibility and ability to improve BTC’s return on investment over buying and holding.
Bitcoin Is Still ‘cheap.’
SLRV wasn’t the only bitcoin indicator that gave Edwards a sense.
“Bitcoin Yardstick is drawing very familiar signs for 2019 lows, ” he commented on March 31.
After exiting the ‘cheap’ zone earlier this year, BTC/USD delivered short returns during the COVID-19 cross-market crash in March 2020.
Bitcoin’s price has been volatile in recent months, with the cryptocurrency experiencing sharp fluctuations in value.
Bitcoin’s price remains highly volatile and is subject to numerous risks, such as regulatory scrutiny and market volatility. It is essential for investors to carefully evaluate the risks and opportunities associated with investing in cryptocurrencies and with seeking professional financial advice before making investment decisions.
Recent volatility in the cryptocurrency market, increased institutional adoption, or growing interest from retail investors have significantly driven Bitcoin’s price growth.
However, it is essential for investors to carefully evaluate the risks and opportunities associated with investing in cryptocurrencies and with seeking professional financial advice before making investment decisions.
Bitcoin has gained nearly 70% so far this year. An industry insider said he was optimistic about CNBC, saying the world’s largest cryptocurrency could reach new heights.