Купить больше биткойнов, аналитик сообщил учреждениям, что $ 257 млн ​​в BTC уходит из Gemini

Institutions should start buying Bitcoin (BTC) очередной раз, leading analyst PlanB has said as one exchange sees a fresh $250-million withdrawal.

In a tweet on Tuesday, PlanB argued that conditions were now right for buyers to continue accumulating BTC with confidence.

План б: “Probably time” for Q2 buying

BTC/USD had seen a lack of momentum over the weekend, culminating in a dive to near $56,000. With resistance near all-time highs of $61,700 now at its lowest since the time that level was first reached, it may now pay to be bullish.

К тому же, multiple on-chain indicators suggest that sellers are exhausted. This capitalizes on an existing narrative that favors hodling, not short-notice trading or selling, as the prime strategy for Bitcoin investors.

“Now that all Pi-cycle, Wave, Rainbow and NUPL fans have sold their bitcoin, it is probably time for institutions to resume buying into Q2,” PlanB wrote, highlighting four indicators.

Of these, the so-called “Rainbow” price chart, which categorizes spot price in terms of investor sentiment, highly favored hodling this week, as well as buying more BTC at current prices.

An interesting comparison is with the top of the two previous bull markets in late 2013 and late 2017. потом, Rainbow signaled a bubble-like top forming, with the implication that hodlers should take profit. Since current readings are far from such a peak, the indicator suggests that the current price gains still have a long way to go before the bull cycle top is in.

BTC/USD Rainbow price chart. Источник: Blockchain Center

Как сообщает Cointelegraph, PlanB’s stock-to-flow Bitcoin price models call for $100,000 and more this year, with as much as $576,000 and higher hitting during the current halving cycle ending in 2024.

Big outflow spikes remain

Между тем, proof that institutions are still interested may already be in.

В понедельник, professional client-focused exchange Gemini, пила $257 million in BTC leave its holdings in a 10-minute period.

These large outflows have characterized recent months and, along with the success of instruments such as the Purpose Bitcoin ETF, hint that demand shows no sign of stopping at near $60,000 за монету.

Gemini exchange outflows annotated chart. Источник: Lex Moskovski/ Twitter

Across exchanges, reserves of BTC are still falling, down below 2.3 million as of this week.

Bitcoin exchange reserves vs. График BTC / USD. Источник: CryptoQuant

According to data from on-chain monitoring resource Glassnode corroborated by Whalemap, buyer support more broadly is continuing to cement itself at $57,000, reducing the likelihood of deeper price dips.

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Источник: Cointelegraph

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