Коэффициент Шарпа намекает на потенциальный рост биткоина после его минимальных уровней Translation: Headline: The Sharpe Ratio Hints at Bitcoins Potential Upsurge Following Its Lowest Levels

The risk-reward ratio of digital gold has become increasingly appealing since mid-2023, according to data from CryptoQuant.

For the first time since June of the previous year, the Sharpe ratio has slipped into negative territory. Analyst MorenoDV pointed out that a similar market structure was observed in 2019, 2020, and 2022. During those times, the indicator remained at low levels for an extended period before entering prolonged upward trends.

The expert emphasized that the current figures do not guarantee a market bottom but indicate a significant potential for future profits. For a trend reversal to be confirmed, the metric must turn upward.

Charles Edwards, founder of Capriole Investments, also noted the asset’s oversold condition. The Bitcoin Heater indicator, which assesses the «overheating» of the futures and options market, has dropped to a level of 0.09, the lowest since November 2022.

Edwards remarked that despite selling pressure, fundamental indicators remain robust. The NVT metric (the ratio of market value to transaction volume) also points to the first cryptocurrency being undervalued.

In the past week, over 8% of the total market supply of Bitcoin has been moved within its network, as highlighted by Semler Scientific’s Director of Strategy, Joe Burnett.

Burnett stated that such activity has only been recorded twice before, both times coinciding with local price lows. He described the current downturn as one of the most significant events in the history of the blockchain of the first cryptocurrency.

Amid falling prices, large players are increasing their positions. According to Santiment, since November 11, the number of wallets holding over 100 BTC has risen by 91 addresses.

Conversely, the number of small holders (with less than 0.1 BTC) is declining, which historically is seen as a positive signal for long-term growth.

However, not all market participants share an optimistic outlook. Trader Peter Brandt characterized the current price recovery as a «dead cat bounce» within a broader downward trend.

In contrast, analysts from Swissblock stated that the fundamental indicators of the first cryptocurrency are trending upward despite tough macroeconomic conditions.

Experts noted that the market is facing a liquidity shortage. This is restraining prices but does not negate the positive forecast. Swissblock believes that once capital inflow resumes, Bitcoin’s quotation will rise.

It is worth mentioning that in November, Anthony Pompliano, the founder of Pomp Investments, explained that the pressure on the price of the first cryptocurrency is tied to institutional responses, as newcomers from Wall Street have been unprepared for sharp price fluctuations.