Analyst Data: New Bitcoin Bull Trend Begins

According to analysts, our key symbol marks the start of a new bullish Bitcoin. Low sales pressure from miners, declining exchange rates and low inflows.

According to the CEO of CryptoQuant, our indicators indicate that the bull market is forming as investors are forced to sell a small portion of BTC.

According to Youngjoo Ki, CEO of market research firm CryptoQuant, there are now three major chains showing an increase in Bitcoin (BTC) prices.

Bullish indicators include less sales by miners, less influx to the stock exchanges and less foreign exchange reserves.

Ki said on July 20:

Status of the indicator on the channel: Will. MPI has no sign of miners exits and miners have not sold bitcoin. So far no amount of bitcoin has poured into the exchange. by whales. All exchanges took place less than a month ... level this year and kept up to date. "

Miners sell less bitcoin

According to ByteTree data, miners have sold slightly more than they mined in the past 12 weeks.Three months ago, miners generated 7,293 bitcoins and sold 7,365 bitcoins. The net market value is -72 BTC, which is considered the lowest selling point for long-term miners.

There could be two reasons for the reluctance to sell Bitcoin to miners in recent months.

First of all, Bitcoin's hashrate is near all records.This means that despite the third Bitcoin halving, miners are still passionate about mining.

Second, it shows that the cost is just too low.When hard data processing takes place, the cost of mining Bitcoin increases exponentially. The hashrate retreat shows that Bitcoin miners are more profitable.

If miners do not sell a lot of Bitcoin in the long run, the selling price of Bitcoin will go down. Like the stock exchanges, miners are one of the two most important external factors in the cryptocurrency market.

Less exchange flow

Low exchange rates usually indicate that fewer traders or investors are selling cryptocurrencies in the market. Instead, the exchanges are reporting that more and more traders are transferring bitcoin into their wallets.

In June, ki explained that the best time to invest in Bitcoin is when the whales are withdrawing money from the exchange, indicating that the whales expect an additional increase in the near term. he says:

"Buy bitcoin when the whales withdraw bitcoin from the stock market. The bull market typically begins four months after the average stock market withdrawal peaks."

Access to Bitcoin exchanges has declined since March. According to data from CryptoQuant, access is between 3,700 BTC and 17,000 BTC. Inflows are likely to range from 6,800 BTC to 38,000 BTC.

Foreign exchange reserves continue to decline

Meanwhile, Bitcoin stock holdings have been declining since mid-April. In the past three months, foreign exchange earnings have increased from $ 2.56 million to $ 2.44 million.

A 4% drop in foreign exchange may seem insignificant, but foreign exchange earnings have not fallen below 2 million per year.

A combination of low selling pressure from miners, declining foreign exchange and low inflows can signal the start of a growth phase.Traders and miners were selling less Bitcoin than usual, while businesses were collecting Bitcoin in grayscale.