There is also an analyst who says 10x!

0

Bitcoin whales are in “risk-taking mode,” according to CryptoQuant CEO. The analyst says this indicates a bull market. Meanwhile, Capriole Fund founder Charles Edwards compares the current situation to 2017 and talks about 10X. Other analysts also seem hopeful for the future of BTC.

Bitcoin whales are in risk-taking mode, the bull market is at the door!

cryptokoin.comAs you follow from, the crypto market fluctuates under different influences. Leading cryptocurrency Bitcoin showed a downward and then upward movement following the US NFP data. This gives an idea about the durability of cryptocurrency. Crypto analyst Ki Young Ju says Bitcoin whales are becoming increasingly active. In this context, Young Ju makes the following statement:

Bitcoin whales are still in risk-taking mode and sending BTC to derivative exchanges.

Source: Ki Young Ju

The analyst’s chart shows the “inter-exchange flow pulse,” an indicator that measures one-year cumulative net flows between crypto exchange Coinbase and derivative exchanges. When the metric rises, it indicates investors are transferring more BTC from spot to derivative exchanges. This means they are willing to take more risks.

The analyst’s chart shows that Bitcoin is in a bull market when the indicator breaks above the 90-day moving average (MA) of the same indicator. A similar pattern occurred in 2017 and 2019-2021. When the indicator fell below the 90-day MA, Bitcoin experienced a bear market. The analyst notes that he is watching the indicator closely to see if it will cross the 90-day MA in December 2022, indicating a bull market. In this regard, the analyst asks, “Which data will change significantly if the bull run begins? Interexchange Flow Pulse: Will a ‘risk-on’ attitude return to the crypto market in 2023?” He asks questions.

Bitcoin
Source: Ki Young Ju

Bitcoin Hodler growth looks very similar to 2017, will it be 10X?

Capriole Fund founder Charles Edwards has observed hodl waves for long-term Bitcoin holders. The analyst notes that the last major growth in long-term Bitcoin holders is comparable only to 2016. Edwards also states that this leap will have major consequences in 2024. He adds that this wasn’t seen in the last bull cycle, meaning the next one could be even bigger. Based on this, the analyst shares the following prediction:

This makes this cycle more similar to 2017, which saw 10 times the price increase in 2020.

During the bull market of 2017, the price of Bitcoin increased by 1,900% during that year. By comparison, gains were nearly 600% during the 2020-21 bull market.

BTC sensitivity is gaining strength

Responses were mostly in line with this sentiment, despite the current market outlook being quite bearish. The current fear and greed market sentiment index is at 50, which is neutral. However, analysts and traders are confident that a new cycle will begin next year, which will peak in 2025. “It won’t take much for the Bitcoin price to start rising,” says crypto analyst ‘hoeem’.

He adds that there are several tailwinds that could accelerate and catalyze this turnaround. These include the four-year cycle theory, which predicts that the next cycle will occur in 2024. Halving is intrinsically linked to these cycles. This important event will take place in April and May next year. There is also the premise of a spot Bitcoin ETF approval. This will mean that issuers will have to purchase BTC directly. This will increase purchasing pressure and raise prices.

To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!


source site-2