Bitcoin is entering the accumulation and accumulation phase
Indications appear that miners will stop selling bitcoins ... How will this affect the price of BTC?
Bitcoin continues to consolidate in the region above the $ 50,000 level, and at the same time, the currency is strengthening its fundamentals and appears to be moving and indicating a breakout of the previously recorded high.
Analyst Ali Martinez shared some of the "Glassnode" data that shows expectations about a rise in the price of BTC and an approximate time.
According to analyst Ali, the indicator that "Entity-Adjusted Dormancy Flow" relies on his prediction, which indicates and shows that Bitcoin is still far from its real performance.
Despite the increase and rise of Bitcoin by nearly 1500% within a year, it is still far from its expected performance, according to the analyst, Ali, who added:
- Despite the 1,465% rise in Bitcoin since the March 2020 crash, the adjusted sleep flow of Bitcoin has yet to cross the 1 million thresholds.
- When that happens, Bitcoin could enter a new phase of gaining more than we have already seen.
According to the same analyst, the opposite can happen when the "Entity-Adjusted Dormancy Flow" index is rejected before the millionth threshold is crossed, as the Bitcoin price is subject to a decline.
In 2021, this happened at least twice, in January and late February.
As shown below, the cryptocurrency is close to this area represented by the horizontal black line, which represents the threshold of one million according to the indicator indicated by the analyst "Ali"
- Bitcoin enters the accumulation and accumulation phase:
Bitcoin miners' behavior is perhaps one of the most reliable basics in predicting bitcoin movements.
Over the past few months, miners have been selling much of their bitcoin supply, adding to the selling pressure in the market.
But according to Lex Moskovsky's analysis, the miners have shifted their positions and started holding bitcoins to increase their reserves.
Since late March and early April, miners have held Bitcoins, with Bitcoin miners holding around 10,000 Bitcoins.
Moskovski stated:
The optimism of the miner does not necessarily predict the price at 100% but it certainly means they are out of the equation to sell bitcoin.
The above corresponds to the decrease in the supply of bitcoin on the trading platforms.
Glassnode recorded the lowest supply of bitcoin in trading platforms, a number that has not been recorded for two years, as the number of bitcoins currently on the trading platforms is estimated at 2,399,090 BTC.
From this data, analyst William Clement predicted the BTC supply crisis, which will contribute to the bitcoin price rise in the third or fourth quarter of this year.
Currently, Bitcoin is trading above $ 57,500, with a total market value of $ 1.08 trillion.