The metric divides the total value of the Bitcoin network by the total transaction volume flowing through the BTC blockchain and then smooths it out with a moving average.
On a longer-term basis, the closely followed analyst has also his eye on another indicator that he says is bullish for Bitcoin.
“No matter what happens around this choppy next few weeks, we know with very high certainty that we’re going to get a good rally off the tail-end of this year.