Bitcoin News

Bitcoin Whales’ Trend Hints At 5-Price Digit In July

Ki Young Ju, the CEO of on-chain analysis resource CryptoQuant, has revealed that Bitcoin (BTC) investors should buy BTC when whales do one thing in particular — bull runs begin several months later.

Ki had revealed that when whales withdraw Bitcoin from exchanges, it’s time to enter the market.

BULL market starts four months after the exchange average

Ki uploaded two charts to compare Bitcoin’s in 2017 and 2019 bull runs. He noted that the start of a trend came four months after a peak in whale withdrawal.

The data was produced via CryptoQuant’s seven-day moving average whale exchange withdrawals metric.

“BUY #BTC when whales send bitcoins out of the exchange,” Ki said on Twitter.

“The BULL market usually starts four months after the exchange average withdrawal hits year-high.”

The assessment made by Ki could prove to be helpful as in the coming months after Bitcoin’s most recent annual withdrawal peak in March. It is also understood that if the trend repeats a bull market should begin in July.

Miners are selling less BTC

According to CoinTelegraph, other metrics suggest that Bitcoin is rebounding from a price bottom. What has come to the notice here is, exchange reserves are now back near their lowest since December 2018.

It is also noted that miners are selling less BTC while investors have spent 2020 accumulating BTC, with 90 per cent of days seeing increase in the assets.

Ki also described how whales tended to wait for quiet periods on exchanges to sell coins, potentially to attract investor attention to their actions.

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