Is the Bitcoin Bottom In? 2 Analysts Say Yes From Separate Charts

Two independent analysts have concluded that the Bitcoin (BTC) bottom is in, and neither used the other's data. Charles Edwards tracks stablecoin liquidity, while the analyst known as Root tracks cycle structure.

Both calls arrived within days of each other in early September. Neither analyst predicted a bull run, however. Both argued something narrower, that the conditions defining a bear market have stopped being present.

Capriole's Hedge Ratio Hit Its Bullish Threshold

Edwards, founder of Capriole Investments, published his signal on Sept. 4. His Market Hedge Ratio measures the USDT/BTC market cap ratio over a rolling 30 days.

The reading fell to -20.42%, touching the -20.78% threshold marked on his chart. A falling ratio indicates capital rotating out of stablecoins and into Bitcoin.

His chart marks roughly nine comparable signals since January 2020. Most preceded rallies, though one signal in October 2021 landed close to a cycle top.

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