July 2020 will be a historic month for Bitcoin: BTC whale activity confirms this!

By World Crypto | World Crypto | 24 Jun 2020


Data regarding the activities of miners and the activity of BTC whales give investors an idea of ​​the state of the cryptocurrency market.

454555623f5deec20cfef8798f52fca37c8cbd7c27f962e03bb3b9073e2a0910.jpeg

The volume outflow of miners' assets indicates that turbulence will be noted in the BTC market in the near future. In fact, the second largest outflow of funds from miner pools after testing $ 10,000 was recently recorded.

Despite the fact that this is a potentially bearish short-term signal, the medium-term outlook remains optimistic due to the dynamics of data on whale activity.

If history repeats itself, then the next month may become historical for the leading cryptocurrency.

Miners withdraw their funds to external wallets

BTC miners began to withdraw a significant portion of their reserves for over-the-counter wallets.

As a rule, outflows increase in anticipation of the asset’s volume sale. As one of the analysts suggested, the miners are likely going to sell the mined BTC on the open market.

Cole Garner noted that the latest surge in miners' activity is the second largest outflow since testing the psychological mark of $ 10,000. He concluded that this would trigger a “huge sale” in the near future:

A significant surge in the outflow of funds from miners. Second by size
since bitcoin reached $ 10,000. I expect a huge sale that will begin very soon.

4c470b909a751e08662666305cec2c9da516148103692373b5f73cf9a3624dc1.jpeg

At the moment, this process has not put extreme pressure on the asset by sellers. Bitcoin is trading around $ 9,500 after reaching a maximum of $ 9,800 on June 22 before a burst of miner activity.

One of the reasons this influence may not occur in the short term is because miners use OTC transactions to sell their assets. Garner notes:

This is probably an over-the-counter deal because the flows do not go to the exchange. I would be more worried if they went to exchanges. However, miners who transfer a lot of coins anyway - this cannot be a good sign.

Whale activity data provide encouraging signal

Despite the fact that in the short term, miners can increase pressure on Bitcoin, it is important to note that historical data on the activity of whales signal that the next bull market may begin in July.

Key CEO of CryptoQuant analytics platform, Ki Young Joo, explained that the withdrawal of assets by whales from exchanges is an encouraging signal.

He emphasized that bull markets historically begin four months after the withdrawal of funds from exchanges reaches an annual maximum. This means that the next rally may begin in July:

Buy BTC when whales withdraw Bitcoins from exchanges. A bull market usually starts four months after the average exchange rate reaches its annual maximum ...

32482f8e391b1d0e4768d60cdb4c4f51eae96ef85549fe15ffefe38e675509ec.jpeg

According to the latest data, the BTC bull market is likely to start in mid-July.

645b7603bdf6b727c3bfbd2a0d3fa4690e8e85109a7cb8853e5baf68b6709633.png

Data from 2013. When the bulls are active, it is clear that the BTC accumulation phase is in progress.

fff5902530f14f0db0c55fd194c7563cccbff3f2c61673d742d73ddcfe80780d.jpeg

How do you rate this article?


3

0


World Crypto
World Crypto

Analytics, regulation, latest news and not only in the world of cryptocurrencies!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.