BTC short-term holder ratio suggests market bottomed in November

A key technical indicator suggests Bitcoin already hit its market bottom last November and has significant room for further gains, according to a CoinDesk analysis. Citing Glassnode data, the report highlights that the Short-Term Holder Profit/Loss (P/L) Ratio dropped to 0.013 in November, a level consistent with major market bottoms in 2011, 2015, 2018, and 2022. The ratio has since recovered to 0.45. CoinDesk noted that a strong bull market has historically followed once the indicator surpasses the 1.0 mark, suggesting substantial upside potential remains.