This website uses cookies to ensure you get the best experience on our website

Blog

Date:
14th Oct 2020
Author:
CryptoAltum Research Team

Analytics Firm CEO: Bitcoin Outflow to Exchanges Suppressed

The CEO of CryptoQuant, Ki-Young Ju, notes that the Bitcoin price is likely to remain supported in the medium term as whales are keeping off crypto exchanges despite recent price gains. Their mean exchange inflow metric--which measures the amount of Bitcoin entering exchanges, is within the low-risk zone, suggesting lower chances of a sell-off.


Details: 

Whales and miners have the power to change immediate and medium-term price trajectories. Depending on the market state, the more they keep off from exchanges, the more bullish the Bitcoin price is. The confirmation from the on-chain analytics firm based on data derived directly from the blockchain network at a time when the Bitcoin price is trending higher, points to a possible trend continuation, likely to above $12,000.


Impact on the BTC price: 

Bullish. Whales and miners are holding their stash in anticipation of better prices. Combined with a Bitcoin market that’s trending higher, chances of a bull run above critical sell walls remain elevated.


More market updates on our Blog 


Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020