Currency Economy

5 key reasons why Bitcoin will likely see new all-time highs soon

Cryptocurrency (Apr 07, 2021 01:40PM ET)5 key reasons why Bitcoin will likely see new all-time highs soon

5 key reasons why Bitcoin will likely see new all-time highs soon

The price of Bitcoin (BTC) has been under severe selling pressure by whales for the past two months, on-chain data reveals.

However, five key indicators suggest that major sellers are about to turn into hodlers or even accumulators of Bitcoin again, while institutional demand remains high. This is an explosive setup that may send Bitcoin to new all-time highs in the near term.

Whales stopped selling

Number of addresses with a balance equal to or greater than 1,000 BTC. Source: Glassnode

Long-term hodlers selling Bitcoin are slowing down

Bitcoin coin days destroyed, 21-day moving average. Source: Glasssnode

Miners have turned into Bitcoin accumulators again

Bitcoin miner net position change. Source: Glasssnode

Institutional demand remains high

Bitcoin net transfer volume from/to exchanges, 14-day moving average. Source: GlasssnodeBitcoin balance on exchanges. Source: Glasssnode

Weekly ascending triangle close to a break

BTC/USD 1-week candle chart. Source: TradingView

Continue Reading on Coin Telegraph5 key reasons why Bitcoin will likely see new all-time highs soon

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