‘All bears will die’ — Bitcoin metric prepares to flip green for the first time in 6 months

A "favorite" Bitcoin (BTC) the price signal could be on the verge of turning bullish, and has always been bullish, the data shows.

What indicated By podcast host Preston Pysh on Oct 18, the Long and Short Term Fork Price Ratio (LTHSTH-RPR) appears poised to print a bullish flag.

The chart hints at the return of the bulls

It may sound wordy, but LTHSTH-RPR is one of the most accurate Bitcoin price indicators. Its creator, Bitcoin 2021 conference organizer Dylan LeClair, confirmed his own optimism based on his readings in late September.

"TLDR: The lower the price ratio realized short-term: long-term, the more optimistic I will become," he wrote in an explanation. Twitter thread.

"In the end, all bears will die."

Now, with the indicator trending down for several months, it is time for a revival, and BTC / USD has always benefited as a result.

Under the hood, LTHSTH-RPR shows the long-term and short-term headline cost base. On-chain analytics firm Glassnode defines a long-term fork as an address that has coins that have not moved in at least 155 days.

"When the STH: LTH realized price ratio is increasing, this means that the STH cost basis is increasing relative to the LTH cost basis, and vice versa," LeClair added.

“BTC goes up when the marginal seller is out of stock. This is why you see the LTH cost base remain stagnant during explosive bull runs, while the STH cost base (many of which are new entrants to the market) explode - there are simply not enough coins to go around. ".

So far, LTH's cost base has not been eclipsed by STH's cost base; When this happens, the current downtrend should end.

"Up only" is still the narrative

As Cointelegraph reported, LTHSTH-RPR is just one of a number of BTC price metrics that have encouraged bulls in recent weeks.

Related: Highest weekly close of all time: 5 things to watch out for in Bitcoin this week

Everything from chain metrics to network fundamentals and even pure math suggests that further improvement for Bitcoin is imminent, widely expected from the fourth quarter of the year after a halving event.

However, analysts are already surveillance the market for an outlet. The impact of this week's exchange-traded fund (ETF) launches is also not anticipated be a short-term market driver.