Three Major Metrics indicates Bitcoin Bull Run is Near – CryptoQuant CEO
The Chief Executive Officer of renowned on-chain market research set-up, CryptoQuant, Ki Young-Ju, has taken to tweeter to declare that three major on-chain metrics are indicating that Bitcoin (BTC) price is about to experience a bull run.
As outlined by Ki Young-Ju, the first indicator is that Miners are selling less Bitcoin, this he said was known based on data retrieved from MPI miners outflow.
Miners’ refusal to sell their products according to crypto analysts could be caused by two major factors, the first is if the Bitcoin hash rate is approaching an all-time high which is an indication that the miners despite the halving have continuously and aggressively mined BTC.
Also, the second factor that could have given miners less appetite to sell BTC is if the mining cost is relatively low.
However, when Miners desist from selling large amounts of Bitcoin over a long time, it reduces the selling pressure on the noble coin; this is because miners alongside exchanges are the major external forces that mount selling pressure on the King coin.
The second indicator as stated in Ki’s tweet was Bitcoin’s low exchange inflows, which according to experts implies that fewer traders or investors selling the king coin in the crypto market while BTC exchange outflow signifies that more investors are transferring Bitcoin to personal wallets.
Ki Young-Ju had earlier said in June that the best time to invest in BTC is whenever Whales is sending funds out of exchanges, he describes such action by Whales as an indicator that BTC is about to experience a massive price surge.
Furthermore, the third BTC Bull run indicator according to the CryptoQuant Boss is the continuous decline of BTC exchange reserves, meanwhile, it is on record that Bitcoin’s reserve has substantially dropped from 2.56Mln to 2.44Mln in the past three months.
Even though a 4% decline in exchange reserve could be regarded minute but Ki still believes it is an indication that the pioneer blockchain coin BTC is about to experience a prolonged price rally.
Another factor that could influence miners’ decision to sell less is the widely expected bull run that occurs post halving.
While the world expects a bull run after halving, the crypto market has not seen anything tangible enough; observers point that Bitcoin should at least go past its all-time high to completely ascertain the post-halving bull run, which is always the case.