Market Analysis

‘Remarkable’ on-chain metrics could spell Bitcoin, Ethereum bull market return — New report

On-chain data is showing more and more similarities to mid- and late-2020 — the springboard period for the Ether and Bitcoin bull market.

Bitcoin (BTC) and Ether (ETH) have started showing “remarkable” bullish divergences that echo the start of bullish price trends.

That’s according to the latest data collected by on-chain analytics firm Glassnode this week.

BTC, ETH data mimics “mid to late 2020”

In its latest weekly report, “The Week On-chain,” Glassnode revealed that while price action remains quiet, on-chain metrics suggest that it could well be lagging behind much more bullish sentiment.

“As the Bitcoin and wider cryptocurrency market rallies higher, a remarkable on-chain divergence continues to form across both Bitcoin and Ethereum,” the report summarizes.

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Should the status quo continue, the outlook for BTC and ETH price action is rosy, Glassnode concludes, adding that only “aggressive selling” of coins that have not moved for an extended period of time would constitute an invalidation of the bull signals.

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