Hey everyone and thanks for jumping back Into the cryptoverse today we're going To talk about Bitcoin and we're going to Be putting back on our on chain analysis Hat and be discussing the transaction Fees if you guys like the content make Sure you subscribe to the channel give The video a thumbs up and also check out Into the cryptiverse premium at into the Cryptiverse.com we of course do have a Lot of different on-chain data we don't Talk about it all the time on this Channel or that frequently but it is Somewhat useful to look at and we have Of course for a lot of different Cryptocurrencies and it depends on the Metric that you're looking at but I Wanted to spend a little bit of time Here talking about transaction fees for Bitcoin something we've actually talked About a number of times on the channel And one of the reasons I like it is Because it actually is somewhat helpful In identifying a bull market and a mini Mania phase also it's helpful in Determining you know relatively boring Times in the market right you know you Don't need to to look at too many things But the transaction fees to know kind of Whether Bitcoin is in some manic Bull Run or if it's just sort of in this hum Drum phase where no one really cares Anymore if you look over here in 2017 You'll see that we really geared up into
This bull run right where the price Action was just going absolutely crazy And so two were the transaction fees for Bitcoin going into this sort of crazy Blow off top not only for the price but Also for the transaction fees and and You'll note that transaction fees sort Of peaked only about you know five or Six days after the actual price of Bitcoin peaked so not too shabby for Something as simple as following you Know the the transaction fees for Bitcoin And then additionally if you look at at 2021 you'll also see a major spike just Again a few days five or six days after The peak for Bitcoin now you might argue Well 69k was technically the peak and Technically you are correct and price Action is king of course there's plenty Of indicators as always that will still All you know they'll always suggest that 64k was a more Um you know a more technical top Although you know for anyone who just Says price action is King it's hard to It's hard to Discount the 69k price uh When we got there in November so but Again I mean you know just in terms of Following these Mania phases if you look At this Mania phase over here the peak Was actually fairly well captured simply By just looking at at the transaction Fees and you know this is what made
The last cycle uh so difficult was you Know this first this first run up right Here was was a lot easier to sell into And you know we talked about right we're Gonna have a summer lull and and prices Are gonna go down for a while and again These are the sort of the bubbles that You you live for and you you wait for it To happen because whenever they happen And you see the price Skyrocket and a Relative relatively short period of time It's much easier to sell into that as a Long-term investor I think it becomes a Lot more harder when it's only you know Like a 2X move back up to where it Already came from and if you look at Some of the other on-chain analysis such As like the um like the the Huddle Ratios and some of the other stuff they Also suggest that most long-term holders Were more interested in this first Peak Rather than the second one I think part Of it could also just simply be that People who sold at this first Peak We're we're less likely to sell at the Second one because they already sold you Know their Bitcoin right at least the Ones that were long-term holders you if You are if you're a long-term holder and You sold the Bitcoin you've been holding For them for a long time of course it's Going to take years to sort of get back Into some of those like two-year Hideaways and that sort of stuff but
Peak here in 2017 again another Peak Here in 2021 But you also know that 2018 Through most of 2020 not all of it was Relatively hum drum in terms of price Action now you know when you look at it Yes there were some nice moves and and This even goes back to today where we we Have the Bulls and the Bears bickering As to you know what exactly what prize Bitcoin is going to go to is it going to Go up a few thousand dollars to go down A few thousand dollars but what what You're really looking for you're really Living for in terms of the crypto versus These majorable runs that that go up you Know 20 30X not just like a 2X move to The upside followed by another 50 drop You know so there's a big difference Between sort of these phases of the Cryptiverse and again you know for from 2018 through most of 2020 it was Relatively dull there was a very brief Period like just like a few months like Maybe a four month window where Transaction fees actually went up quite A bit and Um and and you can argue this sort of Like a mini bull run but if you look at Where we are today it hasn't really gone Anywhere in a sustained way just yet Doesn't mean it can't it's just that you Know and actually recently you can of Course see that transaction fees have
Been moving up very very slightly but Still a long way to go for you know to To call it a sustained bull market I Mean I do see a lot of people calling it That and um you know there's also a Difference of course between Um you know lows and also getting into a Sustained bull market to take you to new All-time highs I mean even in 2018 once The lows are in again price was Relatively flat for for quite a long Period of time before you got into that Sustainable Market to new all-time highs Perhaps we can add a moving average to This as well maybe like a seven day SMA If you look at it like this you can see The transaction fees have been going up Some you know somewhat recently not as High as they were back over here in November although arguably this was for Worse reasons than what we're seeing now This was probably going up quite quickly Because people were sort of flocking to The exits Um and right you know as the price is Going down rather than the price going Up but again I I think these unchain Indicators are useful to look at and and Sort of remind ourselves where we are Within the cycle and to just be sort of Mentally prepared for you know for the Coming you know for the coming year and And sort of just be patient and Recognize that uh you know it it takes a
Long time to to build into these crazy Mania phases that lead you to new All-time highs so just remember that Um I do find just sort of being mentally Prepared for the most likely scenario is Is always useful in in navigating the Crypt over it's just not to say that it Can't turn into anything more I mean You'll see again what happened in 2019 Was fairly impressed I mean it was a Ford X it was almost a 4X move Um but again still still a ways off in My opinion of of putting a new all-time Highs normally after a major bear Market Year like 2014 2018 and 2022 you get a a Recovery year where you where you spend A bit of time chopping sideways for a While and you sort of wipe out those Sides if you guys like the content make Sure you subscribe give the video a Thumbs up and again remember we do have Into the computers premium at into the Cryptoverse.com I'll see you guys next Time bye
