Bitcoin Bottom In | As Profit And Loss Chart Crosses For The First Time Since This Cycle

A widely follow crypto analyst speaking on bitcoin bottom in couple of days ago, says that history was made since the current market cycle. Well a brief period since the announcement of the passing of the queen of England, the market has been a bit bullish with bitcoin making it above $21k and etherum which is currently selling above $1k5.

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In a YouTube video session with Benjamin Cowen which he says has he pulled out the bitcoin profit and loss on chain indicator which was suggesting that bitcoin bottom is nearly in if bitcoin makes a leg down it will suggest that the bitcoin bottom is in. In he’s words

“Some of the charts that I think are the most interesting are things like the supply in profit and loss. One of the interesting things about this chart is that historically, Bitcoin does not bottom until after they cross. Until after they cross.

They crossed yesterday. For the first time this cycle, they crossed yesterday. And you can see a very cyclical pattern here for the Bitcoin supply and profit loss. The bottom occurs after they cross. When it comes up here, that’s generally the time where you want to scale out when we’re continuing to push those new all-time highs so to me this is an indicator that would suggest that if we did get another leg down there’s a lot of evidence that could be the major bottom.

This is one of the indicators that we could look towards.”

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