Bitcoin's performance of 2023 has left the market and BTC enthusiasts on a winning spree. However, as per additional information, BTC could only be commencing its bull rally of 2023 and there's more to come.
Bitcoin’s reserve risk indicator suggests that the market is on its long-term bullish recovery trend.so far has attracted mixed reactions. There are two main factions: one consisting of die-hard bulls who believe that this rally is the start of the next major bull run and the doubters who expect at least one more major dip before the big rip.So, which faction is right? Well, the answer might be easier to find than expected thanks to on-chain historical data.
Glassnode describes the RRI as a cyclical indicator that demonstrates an asset’s risk-reward ratio relative to investor conviction and confidence. It is an ideal indicator for a long-term outlook. So what makes this indicator so special?The RRI has a neutral line on which it oscillates and crossings on this line carry a lot of significance. For example, Bitcoin pumped by 2,830% after crossing the 0 line in 2013, 566% in 2014, 6,400% in 2017, 99% in 2019, and 487% in 2021.
Given the historic performance, one can assume that each crossing confirmed a directional breakout or breakdown. This is noteworthy because recently pushed above the 0 line. This means BTC holders can expect a sizable rally in the next few months.BTC holders should note that a massive rally is not always guaranteed, especially in the short term. An ideal example would be the 2019 crossing which resulted in a 99% uptick, which for Bitcoin is a bit lacking. The 2016 crossing can be taken as another example where the mega pump came more than 12 months after crossing the 0 line.
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