In a tweet sent to its more than 320,000 subscribers, Birb noted that OTC exits signaling a BTC buy signal “align perfectly with a full trend and momentum reset for BTC.” implying that the downward moves bitcoin has seen may be over.
In his tweet, the pseudonymous analyst also analyzed the Net Unrealized Profit / Loss (NUPL) indicator, which measures the difference between profit and unrealized loss to determine whether most investors are in a profit position or of loss. In his words, it’s as oversold as it was in September 2020, before the price of BTC started to hit its new all-time high.
Birb added that the market could fall further to $ 23,000 or $ 24,000 before recovering, and predicted that a final upward movement in the current bull market could only occur by the end of the year. year in November or December.
It should be noted that the channel showed that Bitcoin’s reserves on centralized cryptocurrency trading platforms have steadily declined even as the market falls. On average, 36,000 BTC leave exchanges each month.
In a report, Glassnode noted that the amount of BTC held by cryptocurrency exchanges is steadily decreasing as large investors move their funds to secure cold storage instead of leaving them on exchanges where they would be willing to sell. their funds.
The number of entities holding bitcoin since May has increased from around 250,000 to almost 300,000. These entities are described as unique clusters of addresses owned by an individual or organization. Data shows that whales may be at the top of the accumulation, as wallets with between 1,000 and 10,000 BTC now hold as much BTC as they did when the price was $ 57,000.
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