{"id":528553,"date":"2022-12-17T14:51:10","date_gmt":"2022-12-17T11:51:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-still-lacks-this-on-chain-signal-for-btc-bull-market-david-puell\/"},"modified":"2022-12-17T14:51:10","modified_gmt":"2022-12-17T11:51:10","slug":"bitcoin-still-lacks-this-on-chain-signal-for-btc-bull-market-david-puell","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-still-lacks-this-on-chain-signal-for-btc-bull-market-david-puell\/","title":{"rendered":"# Bitcoin still lacks this on-chain signal for BTC bull market \u2014 David Puell"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a407eae32c21\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a407eae32c21\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-still-lacks-this-on-chain-signal-for-btc-bull-market-david-puell\/#%E2%80%9D_Bitcoin_still_lacks_this_on-chain_signal_for_BTC_bull_market_%E2%80%94_David_Puell_%E2%80%9C\" >&#8221; Bitcoin still lacks this on-chain signal for BTC bull market \u2014 David Puell &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-still-lacks-this-on-chain-signal-for-btc-bull-market-david-puell\/#Puell_Bitcoin_network_activity_%E2%80%9Cunderwhelming%E2%80%9D\" >Puell: Bitcoin network activity &#8220;underwhelming&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-still-lacks-this-on-chain-signal-for-btc-bull-market-david-puell\/#A_Bitcoin_halving_cycle_like_any_other\" >A Bitcoin halving cycle like any other?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_still_lacks_this_on-chain_signal_for_BTC_bull_market_%E2%80%94_David_Puell_%E2%80%9C\"><\/span>&#8221; Bitcoin still lacks this on-chain signal for BTC bull market \u2014 David Puell &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-30a6cf80>Bitcoin (BTC) only needs one more key on-chain signal for a classic bull market to begin, analyst David Puell says.\u00a0<\/p>\n<p>In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/dpuellARK\/status\/1603937749547061248\">tweet<\/a> on Dec. 17, the Puell Multiple creator argued that the stage is almost set for the end of the BTC price bear market.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Puell_Bitcoin_network_activity_%E2%80%9Cunderwhelming%E2%80%9D\"><\/span>Puell: Bitcoin network activity &#8220;underwhelming&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite many calling for new BTC\/USD lows of $12,000 or less this cycle, not everyone is wholly bearish on the outlook for Bitcoin.<\/p>\n<p>For Puell, two essential on-chain phenomena necessary for BTC price recovery are already in evidence.<\/p>\n<p>Long-term holders (LTHs) are resisting the urge to sell despite Bitcoin being down over 70% from its last all-time high. <\/p>\n<p>At the same time, short-term \u201cspeculators\u201d are feeling acute pain from recent price action. As Cointelegraph reported, these \u201ctourists\u201d are likely already mostly gone from the market.<\/p>\n<p>All that is missing, Puell believes, is a rise in network activity from all participants.<\/p>\n<p>\u201cOn-chain, three factors are needed for a bull: 1. Holding behavior from long-term investors. 2. Painful losses from short-term speculators. 3. Network activity across the board,\u201d he summarized.<\/p>\n<blockquote><p>\u201cPersonally seeing 1 and 2. 3 is still underwhelming.\u201d<\/p><\/blockquote>\n<p>He added that \u201cfavorable\u201d macro conditions would aid the turnaround, as well as crypto becoming more resilient to \u201ccontagion\u201d in the form of \u201cexogenous and endogenous \u2018swans.\u2019\u201d<\/p>\n<p>BTC\/USD traded at around $16,700 at the time of writing, data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> showed.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/95446e23-8c8f-4cbd-8925-08fb8ea2a49c.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"A_Bitcoin_halving_cycle_like_any_other\"><\/span>A Bitcoin halving cycle like any other?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>That perspective chimes with others calling for calm over current BTC price performance.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin targets $16.7K amid fear BNB may &#8216;drag whole crypto market down&#8217;<\/em><\/strong><\/p>\n<p>Among them is popular analytics account Dilution-proof, which on the day drew attention to BTC\/USD simply copying previous bear market behavior.<\/p>\n<p>Evidence came in the form of Bitcoin\u2019s MVRV-z score \u2014 an expression of market cap to realized cap in standard deviations. Dilution-proof initially called the metric &#8220;Market-Value-to-Realized-Value Temperature (MVRVT).&#8221;\u00a0<\/p>\n<p>Currently, accompanying charts showed, signs point to a classic bear market bottom formation, Dilution-proof <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/dilutionproof\/status\/1604047624520273920\/photo\/2\">stating<\/a> that Bitcoin \u201cis just doing what it does at this post-halving date literally every cycle.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/4f287cbd-fd43-4a20-b538-fda3749eb1ce.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin\u00a0Market-Value-to-Realized-Value Temperature (MVRVT) chart. Source: Dilution-proof\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Cointelegraph previously included MVRV-z in a list of &#8220;striking similarities&#8221; between 2022 and past price cycles.<\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-still-lacks-this-on-chain-signal-for-btc-bull-market-david-puell\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin still lacks this on-chain signal for BTC bull market \u2014 David Puell &#8220; Bitcoin (BTC) only needs one more key on-chain signal for a classic bull market to begin, analyst David Puell says.\u00a0 In a tweet on Dec. 17, the Puell Multiple creator argued that the stage is almost set for the end&#8230;<\/p>\n","protected":false},"author":1,"featured_media":528554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/731eedc8-4429-449d-8806-4e3bbd8fc7bd.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-528553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/528553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=528553"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/528553\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/528554"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=528553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=528553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=528553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}