Bitcoin Price Trend Continues to Follow Familiar Path in 2023 with Two Additional Metrics
Bitcoin is predicted to be on its way to a new bullish trend, providing serious returns according to a new analysis by Charles Edwards, the founder of digital asset hedge fund Capriole Investments. In his tweet on April 2, Edwards pointed out a "familiar" bullish signal in the SLRV Ribbons metric, a tool used to measure potential Bitcoin profitability that was introduced by Capriole in 2022. This metric tries to analyze the interaction between two moving averages, and when the short-term 30-day MA crosses above the long-term 150-day MA, Bitcoin is at the beginning of its bullish phase. Edwards believes that it is reliable and can improve BTC investment returns compared to buying and holding. Additionally, Edwards also mentioned the Bitcoin Yardstick, which revealed a rebound in Bitcoin market cap against the hash rate and still classifies BTC as being "cheap" at current prices. Both of the metrics reviewed by Edwards point toward a promising outlook for Bitcoin's future.
