Forget Technical Analysis, On-Chain Metrics Suggest Bitcoin Upside

On-chain metrics taken from crypto blockchains provide adoption measurements and unique price signals related to discernible user motivations.Active address counts on the Ethereum platform, which has been correlated to positive price movement, show a significant recent uptick.Confirmed Bitcoin transactions and payments have recovered since the July lull induced by the China trading and mining crackdown.The current on-exchange BTC count is at the lowest point in the past twelve months and falling. This points to price strength and participants maintaining a HODL stance.Bitcoin's adjusted MVRV metric is sitting right at the border between an accumulate recommendation and a hold recommendation.