For Ki Young Ju, CEO of the intelligence company CryptoQuant, Bitcoin Billionaire is ready for a new upward cycle.
According to the analyst, the movement of the „whales“, the big holders of BTC, signals a new movement for the price of Bitcoin.
In a recently released tweet, the CryptoQuant executive says that historically, when whales take their BTC out of the mass exchanges, a new bull market for Bitcoin is born four months later.
The signal appeared once in 2018 and again in 2019, before Bitcoin began to take big steps toward the positive side.
Whales get their Bitcoins from the exchanges
The head of CryptoQuant highlights the fact that „whale“ withdrawals peaked in 2020 in March, indicating that a bull market could come to life next month.
The whales are moving
In fact, in the last 24 hours, 10 major transactions were recorded for a value of 29,986 BTC.
Three transfers sent 13,049 Binance BTCs to portfolios of unknown origin, following the recent trend of whales taking BTCs out of mass exchanges.
5 signs that Bitcoin is quietly entering a new bullish market phase
Already four transfers moved 10,294 BTCs from unknown portfolios to exchanges like Binance and OKEx.