Huge one day candle sees Bitcoin pass key Glassnode indicator teasing potential outsized gains
Quick Take
Bitcoin’s recent performance managed to capture significant attention. On Oct. 23, the digital currency appreciated by 10% in a single day, marking the best single-day performance since the FTX collapse in Nov. 2022. It also became the most impressive daily performance in the current year.
October has witnessed Bitcoin appreciating 27%, standing out as the best month return since Jan. 2023, when the digital currency appreciated by a whopping 40%.
Examining this performance in the context of Glassnode’s Bitcoin Investor Tool, a tool designed for long-term investors, can provide valuable insights. The tool uses a 2-year MA and a 5x multiple of the 2-year MA to indicate potential cyclical tops or bottoms.
Historically, trading below the 2-year MA has generated outsized returns and signaled bear cycle lows. On the other hand, trading above the 2-year MA x5 has historically signaled bull cycle tops, a zone where investors usually de-risk.
The recent price increase saw Bitcoin breach above the 2-year MA for the first time since May 2022, when it was priced at $30,000.
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
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