A potential Bitcoin price boom of over $ 60,000 is approaching; That's why

Has the Bitcoin market peaked as traders never exceed $ 60,000? Apparently not. Bitcoin reversed with resistance at $ 60,000. Source: BTCUSD at TradingView.com According to Ki-Young Ju, CEO of CrypoQuant, a South Korea-based blockchain analytics firm, Bitcoin's have every reason to cross the bullish bar at $ 60,000. The analyst cited a reason behind his positive view of the flagship cryptocurrency: the drop in bitcoin balances on all crypto exchanges. Bitcoin Exchanges Increase CryptoQuant tracks the number of Bitcoin exchanges at their public addresses. When traders deposit their BTC into their exchange wallets, the company believes they are doing it either to trade for other crypto assets or to drain them altogether. Conversely, when traders withdraw their BTC from exchanges, CryptoQuant says it shows. willingness to keep tokens. Referring to January 2018, Young examined the relationship between rising Bitcoin prices and the number of exchanges entering Bitcoin. The month saw the BTC / USD exchange rate peak at around $ 20,000. The rally coincided with an increase in BTC flow across all operational cryptocurrency exchanges at that time. The pair then dropped to $ 3,100 in December 2018. Bitcoin Exchange entry is at a three-year low. Source: CryptoQuant Still, the factors for April 2021 are completely different. Instead of bitcoin flow, the output of all exchanges is increasing. This shows the 'HODL' mentality, although Bitcoin's price is trading near its previous high of $ 61,778 (Coinbase data). The data show that investors are not yet willing to make a profit. "When the market peaks, everybody transfers BTC to exchanges to sell," wrote Mr. Young. “The number of entry addresses on all exchanges was highest in January 2018 after hitting a three-year low a few days ago. People hold on, do not sell. Why HODLing? Data analysis Read more

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