The bottom might be here and now is a great time to buy into BTC again

in #bitcoin4 years ago

Over the last week I've been paying close attention the bitcoin mempool unconfirmed transactions. From what I've seen the price of bitcoin has been almost perfectly correlated with the change in the unconfirmed transactions. Today has been the first day I've seen any decline in this number and I think this is a solid indicator that BTC is going to stabilize and maybe head higher again.

Atm there are about 275k (live data from blockchain.info) unconfirmed tx's compared to the peak of about 290k+. It seems that money is no longer rushing towards exchanges to sell and we might se a return to 'normal' (you know, 10% a week..).

This graph should really say it all: (this graph does not reflect live blockchain.info stats, but the pattern is the same)
2017_12_22_21_06_54_Bitcoin_Network_Statistics.jpg

And we all know what was going on with BTC price from dec. 18 to dec. 22.
2017_12_22_21_11_41_12_958_BTC_USD_Bitfinex_Trading.jpg

In the future I might start to collect live data on this, as there seems to be a STRONG correlation.

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Seems like this would have been a great call, I'll make sure to follow this metric going forward aswel!

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