BTC's price seems to be artificially rising without newbies

BTCs-price-seems-to-be-artificially-rising-without-newbies

Personally, when I analyze on-chain data, there are a few indicators to determine if a bull market is coming in the long term. We're now trying to determine if the market is in a bull market, and the indicator I'm focusing on is ‘Sum Coin Age Distribution’.

The chart above shows the relatively newbies’ volume entering for the last 1week to 1montsh. Interestingly when this indicator spikes, it is a turning point for BTC’s price in the long term.

In fact, the 1w~1m entry trend indicator was above the baseline when BTC’s price hit its low in late '18, when it hit its low in late '22, and after Mar '20 Covid crash.

But now, instead of heading towards the baseline, it's staying low. Well, this one indicator doesn't explain everything, but it's too significant to ignore.