The Bitcoin price above $10,000 is a major topic of discussion in the cryptonews every day and today, we can see that the BTC whales’ exchange withdrawals are potentially hinting towards this mark.
Peak whale withdrawals from exchanges and data indicate that the next cycle is here. In short, Bitcoin investors should buy BTC when whales do one thing in particular – as bull runs begin several months later.
This is what the latest insights from Ki Young Ju, who is the CEO of on-chain analysis resource CryptoQuant reveals. He said that when whales withdraw Bitcoin from exchanges, it is the perfect time to enter the market. With this, Ju also hinted on a potential Bitcoin price above $10k.
The CEO also uploaded two charts which compare the Bitcoin 2017 and Bitcoin 2019 bull runs. Noting that in both of them, the start of each uptrend came four months after a peak in whale withdrawals, this could mean a lot in the world of crypto.
For all of you Bitcoin news followers, here is the exact thing that Ju wrote in the following Twitter comments:
“BUY #BTC when whales send bitcoins out of the exchange. The BULL market usually starts four months after the exchange average withdrawal hits year-high.”
This hint could prove timely, and approximately at three months from now, whether the BTC’s most recent annual withdrawal peak in March would correspond with a Bitcoin price above $10,000.
BUY #BTC when whales send bitcoins out of the exchange. The BULL market usually starts four months after the exchange average withdrawal hits year-high.https://t.co/JPbe3Pcaaw pic.twitter.com/UMBtAacyTh
— Ki Young Ju (@ki_young_ju) June 22, 2020
If this trend repeats amid a slew of other encouraging signs for BTC, we could see a bull market beginning in July this year. Previously, we also shared other metrics which suggest that Bitcoin (BTC) may be forming a new price high and is rebounding from a bottom. Notably, we see that the exchange reserves are now back near their lowest since December 2018, when the BTC/USD pair traded at $3,100.
Additionally, we can see that miners are selling less BTC, having briefly sold more than they earned in the aftermath of the May block reward halving. On the other hand, investors have spent the entire year (2020) accumulating BTC, and around 90% of the days they saw net asset increases.
Meanwhile, Ki was in the news last week too, when he described how whales tended to wait for quiet periods on exchanges before they sell coins – mainly in order to attract investor attention to their actions.
On-chain Pattern: The more #BTC networks are used by exchanges, the higher the price tends to rise.https://t.co/rpZjD2OH5I pic.twitter.com/fvx3Z9tyvQ
— Ki Young Ju (@ki_young_ju) June 16, 2020
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