This metric suggests bitcoin's late November plunge was the bottom and major upside lies ahead

As bitcoin (BTC) tumbled in late November to nearly $80,000, the ratio between short-term holder supply in profit and short-term holder supply in loss fell to levels that have historically coincided with major or local bear market bottoms. On Nov. 24, the ratio declined to 0.013. Each previous instance of the ratio reaching this level has marked either a local bottom or the definitive bear market low, including in 2011, 2015, 2018 and 2022, according to Glassnode data. Glassnode defines short-term holde ...