For Ki Young Ju, CEO of CryptoQuant, Bitcoin is ready for a new upward trend.
According to the analyst, the movement of “whales”, the big holder of BTC, signals a new movement for the price of Bitcoin.
In a recent tweet, the CryptoQuant manager says that historically If the whales pull their BTC out of the mass exchanges, a new Bitcoin bull market will emerge four months later.
The signal appeared once in 2018 and again in 2019 before Bitcoin took big steps towards a positive side.
Whales take their bitcoins from exchanges
CryptoQuant chief highlights the fact that “whale” withdrawals peaked in March 2020This suggests that a bull market could come to life next month.
TO BUY #BTC when whales send bitcoins off the wallet. The BULL market usually starts four months after the average exchange payout reaches the annual high. Http://t.co/JPbe3Pcaaw pic.twitter.com/UMBtAacyTh
– Ki Young Ju (@ki_young_ju) June 22, 2020
In the past 24 hours 10 key transactions valued at 29,986 BTC have been registered.
Three transfers sent Binance’s 13,049 BTC to wallets of unknown originThis follows the recent trend that whales are pulling BTC out of the mass exchange.
Four transfers have already moved 10,294 BTC from unknown wallets to exchanges like Binance and OKEx.
• $ 5,864 BTC worth $ 56.0 million sent to an unknown portfolio by Binance
• $ 5,000 BTC worth $ 47.7 million sent to an unknown portfolio by Binance
• 1,500 BTC worth 14.4 million was sent from OKEx to Binance
• $ 2,593 BTC of $ 25.0 million sent to Binance from an unknown wallet
• $ 3,107 BTC of $ 30.0 million sent to OKEx from an unknown wallet
• $ 4,000 BTC of $ 38.6 million sent to Binance by OKEx
• $ 1,143 BTC worth $ 11.0 million sent by Xapo to the unknown portfolio
• 2,593 BTC worth $ 25.0 million that Xapo sent to OKEx
• $ 2,185 BTC worth $ 21.0 million sent to an unknown portfolio by Binance
• 2,001 BTC worth $ 19.2 million sent to Binance from an unknown wallet
The new glass node figures show that the BTC balance on the stock exchanges continues to decrease.
This fact supports the theory that whales pull BTC out of mass exchange.
“Bitcoin’s trading balance reached an annual low of 2,622,984,499 BTC. The previous year’s low of 2,623,005,552 BTC was observed on June 19, 2020.”
Other analysts also believe that Bitcoin is about to end its three-month consolidation and initiate a major change.
Market analyst and podcaster Preston Pysh said BTC is ready for a new high.
– Preston Pysh (@PrestonPysh) June 22, 2020
According to the Pysh chart, the hash rate indicator shows that the miners have already given up and the moment will soon be positive.
Bitcoin is positioning itself to make another attempt to overcome the psychological resistance of $ 10,000 in July.