Cryptocurrency (Apr 07, 2021 01:40PM ET)
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
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