Last Time This On-Chain Signal Appeared, Bitcoin Rallied 30% in 2 Months

ian dooley DuBNA1QMpPA unsplash 630x420

After a rally from $3,700 to $10,000 in a matter of months, Bitcoin’s upward trend has paused over recent weeks. BTC’s inability to continue to surge higher has left some expecting downside. Chart of BTC’s price action over the past three months from TradingView.com Prominent gold proponent Peter Schiff recently wrote on Twitter that he expects Bitcoin to break the $9,000 support. Schiff added that he still thinks the cryptocurrency is embroiled in a bear market. Others have argued that Bitcoin failing to surmount the $10,000 resistance is a death knell for bulls. On-chain data, however, tells a bullish story. On-Chain Data Shows Bitcoin Is in a Macro “Buy” Zone Bitcoin is in a macro accumulation phase, according to the chief executive of the crypto data platform CryptoQuant (CQ). Ki Young Ju shared the chart below on July 13th. It shows that one of his company’s indicators suggests that because…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE