Crucial On-Chain Bitcoin Indicator Suggests a Strong Rally Will Come
Ki Young Ju, CEO of CryptoQuant, noted that Bitcoin is likely on the verge of a full-blown bull run as the mining ecosystem flashes a number of bull signals.
He shared the chart below on September 24th, noting that Bitcoin miners are suggesting that a bull run is around the corner. This same signal appeared in early 2017, preceding a parabolic surge.
Should history rhyme, Bitcoin is on the verge of a parabolic rally that should bring it past the previous all-time high at $20,000.
Chart of BTC's macro price action with a miner position index analysis by crypto on-chain analyst and CryptoQuant CEO Ki Young Ju. Chart from TradingView.com
Better Fundamentals Than Ever
Aside from pure on-chain data, analysts say that the fundamentals of Bitcoin are stronger than ever. This corroborates the expectations of the cryptocurrency market to undergo a strong rally to the upside.
Speaking on the fundamentals of BTC, Raoul Pal, CEO of Real Vision, recently stated:
Others like Pal have echoed this optimistic sentiment. They say that due to the vast amount of monetary stimulus amongst other geopolitical and monetary trends, BTC is primed to move higher.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com When This SIgnal Flashed in 2017, Bitcoin Gained 1,500%. It's Back Again
Originally from Bitcoinist.com https://ift.tt/3kTwOJ1
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.