Kataryna Kovtun June 23, 2020
Participants of the crypto community drew attention to the fact that the growth of the bitcoin rate is preceded by an active withdrawal of BTC from the exchange “whale” wallets.
Many investors believe that the incentive for a positive movement of the BTC rate was the news about the possible addition of cryptocurrencies to the popular PayPal payment system.
Amid rising cryptocurrency value, participants in the crypto community continue to analyze the possibilities for further BTC movement. Many users drew attention to one feature — the achievement of an annual maximum withdrawal of funds from exchanges often precedes the cryptocurrency entering a positive movement.
CryptoQuant CEO Ki Young Ju believes that the new phase of BTC value growth should start closer to mid-July. In his forecast, the expert is based on data on the growing volume of bitcoins withdrawn from crypto exchanges.
Ju introduced BTC schedules for 2017 and 2019. They show that the rally began about four months after the outflow of bitcoins from trading floors intensified.
“Buy BTC when “whales” (users with a balance of over 1 thousand BTC) withdraw cryptocurrency from exchanges. Market entry into active growth usually occurs after 4 months after reaching the maximum annual withdrawal rates from trading platforms,” Ki Young Ju, CEO of CryptoQuant startup, wrote in his microblog.
In 2017, BTC four months later rose from $ 6,000 to almost $ 20,000. In 2019, the coin jerked from $ 4,000 to almost $ 14,000 after about the same amount of time. In 2020, the trend should repeat itself, says the CEO of CryptoQuant.
Bitcoin Rate Analysis. Other Opinion.
According to Glassnode, the local peak of BTC outflow from exchanges occurred in March. According to the logic of Ki Young Ju, the bitcoin output in active growth may begin in July 2020.
A popular analyst in the crypto community agreed with the opinion of CEO CryptoQuant. The specialist, known thanks to the S2F-model for predicting the behavior of the BTC rate, developed by him, sees the prospects for cryptocurrency growth to the level of $ 20 thousand soon.
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