The Bottoming Phase
Supply Distribution Range & New On-Chain Insights
Dear Bitcoiners,
Macro conflict continues, global energy supply is tightening with oil moving toward $100, while stocks and gold are moving down. Bitcoin, however, has been holding its ground, without making a new low.
This is a bullish signal. Despite increasing conflict, Bitcoin has not been dragged lower. At the same time, we need to stay realistic. Over the past months, Bitcoin already saw a large flush of weak hands, while stocks and gold were still in strong uptrends.
Bitcoin is not suddenly behaving as a safe haven like gold. Instead, it is trading within a range, clearly visible on-chain, which is a natural part of its bottom formation.
Before we jump into this week’s on-chain insights, if you missed last week’s analysis and bottom prediction, I highly recommend checking it out here:
In this week’s newsletter, we’ll look at the on-chain supply distribution, a new chart on the bottom formation, the ongoing dynamics, and how to prepare.
