Analysis company back and states: Bitcoin is still on the rise

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Analysis company back and states: Bitcoin is still on the
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Analysis company back and states: Bitcoin is still on the rise
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In a curious episode, Ki Young Ju, CEO of Cryptoquant, corrected a chart prepared by the company with a calculation error that indicated that the price of Bitcoin would fall.

The problem was pointed out by a follower and author of Cryptoquant, who stated that there was incompatibility between the data. With the correction, Ju said that, in fact, the Bitcoin market was still on a Bull Market trend.

On the 22nd, Ki Young Ju stated that the price of Bitcoin could fall or stay stagnant for a few months. Next to the message, shared a cryptoquant water brand chart, which analyzed data from 2012 to the present day to reach the drop in the price of Bitcoin.

Although the chart data indicates that the price of the BTC could correct, Ju stated that he could not say if it was the end of the cycle. However, it made a point of alerting investors that use Bitcoin for leverage strategy.

Bitcoin follows a tall trend

However, a follower noted a discrepancy in the index and shared his analysis. Mac.D, who says he is the author of the same Cryptoquant, questioned why the B&L chart showed a declinewhile individual metrics (MVRV, CUPL and SOPR) did not indicate significant falls. Finally, he hypothesized that the decline could be related to the performance of long or short -term holders.

THE P&L is an important indicator used to evaluate the health of the bitcoin market. It is based on three main metrics: a MVRV Ratio (Relationship between market value and Bitcoin’s value); the Nipl (Net profit not performed, which shows how much market is in profit or loss); and the LTH/STH SOPR (Relationship between the SOPR indicator of long -term and short -term holders, which measures profits or losses).

Given this, Ki Young Ju responded to Mac.D’s message, indicating that the team of Cryptoquant was investigating the problem presented. The next day, 24, Ju shared a new tweet, confirming the analysis of Mac.D and declaring that there was an error. He said Bitcoin is still on the rise, and apologized for the confusion, deleting the tweets with the mistakes.

The company’s data engineer, Jerry Yun, stated that the error was related to the index calculation method, which uses PCA (main component analysis), in a message shared by the company CEO.

He pointed out that PCA is a statistical technique used to simplify complex data, but it can in some cases reverse the signal signal (for example, turn a positive number into negative) without affecting overall analysis.

Therefore, in the case of the graph shared by Juthe signal was accidentally reversed during the process of retreating the PCA. Therefore, the index resulted in a fall that did not correspond to the reality of the market.

Analysis company back and states: Bitcoin is still on the rise

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