Summary
- Cointelegraph predicted that Bitcoin's on-chain indicators suggest a low correction risk and a high likelihood of being bullish.
- The Risk-Off Signal indicator has dropped to its lowest since 2019, and at that time, Bitcoin had risen by 1550%.
- This indicator is evaluated based on six data points, including volatility and exchange inflows, and a low number indicates a high likelihood of being bullish.
On the 6th (local time), the cryptocurrency-focused media outlet Cointelegraph predicted that based on on-chain indicators, Bitcoin (BTC) is unlikely to undergo a correction and is more likely to be bullish.
The media reported, "The Bitcoin Risk-Off Signal indicator has fallen to 23.7, marking its lowest point since March 2019," adding, "At that time, the price of Bitcoin was around $4,000, and it subsequently rose by 1550%."
It continued, "This indicator is calculated by synthesizing six data points: downward and upward volatility, exchange inflows, funding rates, open interest in futures, and market capitalization," explaining, "It is primarily used to assess correction risk, and the lower or bluer the number, the lower the correction risk and the higher the likelihood of a bullish trend."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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