Blockchain analyst Ki Young Ju has studied the behavior of Bitcoin (BTC) whales amidst the ongoing outflow of Bitcoin (BTC) from exchanges. It looks as though his results may give hope to members of the bullish camp.
Whale accumulation detected
Mr. Ki Young Ju researched one of the most aggressive trends of the past weeks in crypto. He witnessed the huge amount of Bitcoin (BTC) outflow from exchange storages.
He highlighted that, typically, when bulls are moving Bitcoin (BTC) out of exchanges it means a reliable 'buy' signal for all investors.
It wouldn't take more than four months for bulls to initiate a new rally since another cycle of withdrawals has reached its maximum level. Studying the seven-day moving average of the Bitcoin (BTC) withdrawal amount from 31 exchanges, he figured out that a new bullish trend may be in effect by mid-July, 2020.
However, the mid-March yearly high for this indicator may be unique. It looks like it could be explained by the overall market panic following Black Thursday.
Last accumulation for Bitcoin (BTC)?
Also, the analyst outlined that we should brace ourselves for some ugly red candles or, at least, for a boring 'flat' before the bullish rally.
The bearish market is not as strong as expected, so I think the price will rise again after short-term bear or sideways by the mid of July.
Other experts also announced that Bitcoin (BTC) may be experiencing the final days of its accumulation. For instance, prominent analyst Charles Edwards foresees that a 'Hash Ribbon Buy' sign may occur soon.
Furthermore, he emphasized that it may be the last accumulation phase before a long rally.