Bitcoin analysis is a brave new world. From on-chain providers to research firms demystifying Bitcoin and Cryptocurrencies, we put together a guide of the best Bitcoin analysis tools.
Designing a careful fundamental analysis on Bitcoin and Cryptocurrency is essential to determine your investment strategy. Bitcoin’s on-chain data provides a new array of options for analysts to extrapolate data points and provide valuable insights. Before showing you the top tools providing Bitcoin analysis, let’s explore what’s behind analyzing Bitcoin and Crypto.
How do you analyze Bitcoin?
There are many tools and metrics available to determine the state of the Bitcoin network and its price. For example, you may look at price-related metrics such as the moving average, MACD, or the relative strength index. These metrics allow to conduct technical analysis for Bitcoin and give an indication of future price movements.
On another side, you can look at the changes in on-chain data and evaluate its influence on Bitcoin’s adoption and price. On-chain data offers full transparency about each crypto’s network, providing a basis to develop fundamental analysis.
As a result, Bitcoin and Virtual Currencies open a new range of metrics available to develop native analysis. Nevertheless, classic valuation methods used in stocks or commodities can still apply to crypto, but Bitcoin allows for a brand new set of possibilities.
Today, we cover some of the best tools and sources in the market for you to find reliable Bitcoin analysis.
The 7 best tools for Bitcoin analysis
CoinMetrics is a leading data provider in the Crypto sector, where enthusiasts can access price-related and on-chain data. For example, with their network data tool, you can analyze Bitcoin’s correlation with other Cryptocurrencies and traditional assets (e.g., gold, S&P 500). Free users can access a wide range of on-chain metrics, but Pro subscribers have many more options to conduct a solid analysis.
CoinMetrics is an excellent tool to gather data to develop a solid fundamental analysis for Bitcoin and many other Cryptocurrencies. Moreover, CoinMetrics also publishes free weekly insights, covering the most noteworthy changes in the market. Moreover, CoinMetrics develops research reports, further educating the space about Bitcoin.
Glassnode is a leader of Bitcoin and Crypto on-chain data. With Glassnode Studio, you can access metrics ranging from Bitcoin distribution and volume to mining data. For premium subscribers, Glassnode offers more metrics and updated data (longer time frames).
Glassnode is also a great source to download key on-chain data to play around with your own Bitcoin analysis. You can also access the same amount of metrics for many other Cryptocurrencies, turning Glassnode into one of the best Crypto data tools.
If you are a beginner or looking for an expert’s take, follow Glassnode’s weekly insights (“This Week on Chain”), covering each week’s worthwhile market shifts and what they mean for the Crypto market.
Messari is a leading Crypto research firm developing key analyses on Bitcoin and cryptocurrency markets. With Messari, you access its data screener and customise it to always be on top of the relevant market changes. A subscription to the Pro package will give a continuous stream of daily analysis from top researchers in the industry.
Moreover, Messari produces institutional-like research reports and articles about Bitcoin, Web 3, NFT, DeFi, and the overall Crypto industry. For a quick taste of their content, you can subscribe to the “Unqualified Opinions” newsletter, breaking down the most relevant market changes each day.
Delphi is a boutique research firm while also expanding into consulting and investment in the crypto sector. They offer paid subscriptions, offering great insight into Bitcoin and crypto.
The initial subscription plan includes its “Delphi Daily” segment, showing the main on-chain data shifts and their meaning and importance to the market. With Delphi, subscriptions range from 10$/month to institutional plans, offering Bitcoin daily market reports (“Bitcoin Outlook”), video explainers covering reports, daily market newsletters, and many other research segments across media formats(e.g., audio notes).
Arcane is an emerging research firm based in Europe, providing a new look into Bitcoin and Crypto markets. The firm publishes a weekly market analysis report – “The Weekly Update” – covering the most relevant data points to educate readers about the market. You can check the report’s breakdowns and exclusive graphs on their Twitter page.
Furthermore, you can also have access to their free data-based articles on their blog, with Bitcoin analysis and predictions among other institutional-grade research reports (e.g., “Banking on Bitcoin – The State of Bitcoin as collateral”).
Recently, Arcane announced a new bi-weekly segment with BlockFi (available to their customers) about institutional development in the digital assets market amid Bitcoin’s global adoption by companies and investment firms.
IntoTheblock is a market intelligence tool, using AI to show you a wide range of data points and metrics. This tool collects on-chain (e.g., ownership stats, network data) and off-chain data to produce the best insights about the Bitcoin market, helping you design reliable fundamental analysis.
IntotheBlock is a paid product, starting at $10/month, with plans for institutions. However, Premium CoinTracking users can access their product in a 90 free days trial. CoinTracking’s users in the free plan can also claim this offer for 7 days. Find out how more here.
TradingView showcases experts’ and peer-based market analysis in a true decentralized manner, in line with Bitcoin’s distributed nature. On TradingView, you can follow your favourite experts in their breakdown of the Bitcoin market, especially with technical analysis, charts, and predictions.
As with any peer-based analysis, you need to be careful and always evaluate for yourself and cross check various sources to draw educated investment decisions. However, platforms like TradingView can also help discover new analysts on the rise and different points of views.
Bonus: CoinTracking for Bitcoin Analysis
CoinTracking is the leading crypto tax software and portfolio tracker in the market, offering Bitcoin analysis on our platform. CoinTracking offers detailed coin charts and coin trends for the entire market, with various metrics powered by our partner IntoTheBlock.
Additionally, we also offer a dedicated page for Bitcoin analysis. Here, you can find price-related data, metrics such as Exponential Moving Averages to help you define price movements, and even integrated google trends data, allowing you to evaluate social sentiment in the market.
Moreover, we also produce top crypto guides for you to find the best available tools to learn more about Bitcoin while also showing the top accounts to follow on Twitter, where you can get free market insights from leading firms and experts.
We encourage you to follow follow our regular content about navigating crypto taxes as well as the best crypto guides:
2021’s NFT guide (with taxes)
Tax implications of getting paid in crypto
The Best 65 Crypto Twitter Accounts to Follow
Do you pay taxes on crypto trades?
Crypto jobs: Here’s the 5 best platforms to find them
Buying a Tesla with Bitcoin? Find out the tax implications.
Receiving a free airdrop? Watch out for taxes
Where to find more Bitcoin analysis?
The tools for Bitcoin analysis do not end with this list. If you’re a fan of crypto research, we encourage you to check CoinDesk Research Hub, with a compilation of reports by leading firms. Their hub is a great way to access institutional-grade research about Bitcoin and crypto markets.
On top of crypto research firms, leading media outlets produce daily market price analysis as Cointelegraph across formats. Other outlets mix breaking daily news with more in-depth content and research about Bitcoin as The Block.
Stay tuned for more crypto guides on the best tools in the market!
CoinTracking helps with more than Bitcoin analysis:
Imports (API & CSV) from 110+ exchanges/wallets and 9000+ coins.
Import your DEX transactions (e.g., Uniswap).
Import your Binance Smart Chain trades (e.g., PancakeSwap).
25+ reports, including which coins offer you a reduced tax rate.
Automatic Gains calculations, according to 12 accounting methods (e.g., FIFO, HMRC, ACB).
Complete Tax Reports in your country.
Disclaimer: All the information provided above is for informational purposes only and it is not professional investment, legal, or tax advice. You should conduct your own research or consult with a professional financial advisor when investing.