Categories: Bitcoin

Bitcoin bear market confirmed? Analysts surprised by Bitcoin Exchange Moves

Bitcoin (BTC) “confirms” a bear market as whales continue to be sending considerable quantities of BTC to exchanges.

This is exactly what Ki Young Ju, CEO of the on-chain investigation service CryptoQuant, stated on 21. warning about the present “very insecure” condition of Bitcoin.

Too many whales are destroying the market?

While uploading a graph of this so-called “Whale Attraction Index” Ki recognized the first key whale sale on exchanges because July 2019.

At the moment, BTC / USD was only rising to $13,900 – a degree it will not return until October 2020.

So, in this historical context, Ki has made the argument that Bitcoin’s recent all-time high of $64,500 might have been a neighborhood high.

“I hate to say that, but it looks like the $ BTC bear market has been confirmed,” he wrote in the comments.

“Too many whales are sending $ BTC to exchanges.”

Bitcoin Whale Cap Index Chart. Source: Ki Young Ju / Twitter

The data captured the interest of statistician Willy Woo, who discovered this week that inventory sellers have re-added for their own positions, bringing supply at costs just over $30,000.

The request for information on whale behaviour in 2017 led to a graph shows three distinct sets of coins being delivered to exchanges en masse. That did not stop BTC / USD from hitting an all-time high of $20,000 after this year, the Twitter user pointed out.

Bitcoin Whale Money Flow Ratio into BTC / USD Chart. Source: CryptoVizArt / Twitter

As it improved, Ki also confessed that it might not pay off to stay bearish for Bitcoin in the short term.

“To be clear, I do not expect my $ BTC downtrend to continue (maybe just weeks) as the market looks good in the long term in terms of supply / demand (e.g. stablecoin ratio (USD) and SSR)”, he added.

So do not get me wrong, I’m not saying it is over. “

China has made Puell do somersaults many times

As Cointelegraph reported, a variety of factors appear to be contributing to downward pressure on Bitcoin.

Related: Classic Bearish Chart Patterns For Bitcoin As BTC Price Drops To $ 32,000

Most notable is the seismic shift among miners after China launched a crackdown that halted operations in some of the world’s once most intense mining regions.

Commentators have described the event, which broadcast hash power to other countries, as the biggest “assault ” the network has ever seen.

The network’s hash rate has dropped significantly, but no more than 40% from its all-time high, while the price action still holds the $ 30,000 support.

CryptoQuant sees a corresponding decline in the Puell Multiple of Bitcoin, a classic indicator that brings the largest cryptocurrency closer to the “buy” territory.

Bitcoin Puell Multiple against BTC / USD chart. Source: LookIntoBitcoin

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