Bitcoin remains firmly “bullish” at $23,000, according to new on-chain metrics from one of the industry’s best-known names.
In a preview on Jan. 28, market cyclist and on-chain analyst Cole Garner revealed what he said were “backtested and validated” Bitcoin trading tools.
Garner: BTC price signals should excite bulls
While BTC/USD attempts to push through liquidity above $23,000, the debate rages as to whether a significant BTC price correction is due.
For Garner, who offered a snapshot of several trading signals to Twitter users at the weekend, there is no doubt — the picture is firmly green.
“They are looking so bullish right now,” he summarized in part of accompanying commentary.
One metric compares the ratio of BTC to stablecoins across exchanges. This has hit multi-year highs, a screenshot appears to show, beating its peaks from any event since early 2020.
“It is rarely ever wrong,” Garner claimed while not providing additional details about its mechanism of action.
Traditionally, high stablecoin liquidity hints at bullish continuation, with funds “waiting in the wings” to enter Bitcoin or other crypto assets.
Garner presented the ratio of on-chain volume traded in profit, hitting its highest levels in at least three-and-a-half years.
“It generates faster trade signals, with a longer track record. It is so bullish right now,” he reiterated.