{"id":604694,"date":"2024-04-23T19:00:26","date_gmt":"2024-04-23T19:00:26","guid":{"rendered":"https:\/\/wncen.com\/?p=604694"},"modified":"2024-06-11T10:33:14","modified_gmt":"2024-06-11T10:33:14","slug":"this-metric-printed-in-2017-before-bitcoin-exploded-is-a-mega-run-incoming","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/this-metric-printed-in-2017-before-bitcoin-exploded-is-a-mega-run-incoming\/","title":{"rendered":"This Metric Printed In 2017 Before Bitcoin Exploded: Is A Mega Run Incoming?"},"content":{"rendered":"

In a post on X, one analyst has\u00a0<\/span>picked out<\/span><\/a> a key on-chain metric that could signal the beginning of a strong leg up, similar to the explosive gains 2017. Currently, Bitcoin prices remain steady and edging higher. However, the coin failed to register sharp upswings, as most traders had predicted before the Halving event on April 20.<\/span><\/p>\n

Flow Indicator Dips: A Bull Run In The Making?<\/span><\/h2>\n

Taking to X, the analyst said there has been a sharp drop in the 7-day average Flow indicator at leading crypto exchanges like Coinbase and Binance. When this was highlighted, the Flow indicator pointed to a decline from 161,000 to 76,000 BTC, a nearly 50% drop.\u00a0<\/span><\/p>\n

\"BTC
BTC daily exchange flow | Source: Analyst on X<\/figcaption><\/figure>\n

Interestingly, a similar pattern emerged in 2017 before Bitcoin embarked on a historic bull run. <\/span><\/p>\n

Related Reading: Akash Network (AKT) Leads Crypto Top 100 With 46% Rise Today: Here\u2019s Why<\/a><\/div>\n

The analyst said the Flow indicator dropped to 64,500 BTC across exchanges days and weeks later before prices exploded to around $20,000 in December 2017.\u00a0<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

For now, only time will tell if Bitcoin is preparing for a strong leg up.\u00a0<\/span>The coin remains within a bear formation, looking at the candlestick arrangement in the daily chart. Even though prices rose after Halving Day on April 20, sellers are in charge. As it is, the April 13 bearish engulfing pattern continues to define price action. Technically, a close above $68,000 might be the foundation for a rally towards $74,000 in the days ahead.<\/span><\/p>\n

Bitcoin Supply Rapidly Shrinking<\/span><\/h2>\n

While the Flow indicator points to declining BTC across exchanges, another analyst has discovered an interesting development. Taking to X, another analyst <\/span>noted<\/span><\/a>\u00a0that the available Bitcoin supply dipped below 4.6 million for the first time before April 20, when the network halved miner rewards.\u00a0<\/span><\/p>\n

\"BTC
BTC supply falling | Source: Analyst on X<\/figcaption><\/figure>\n

Since Halving reduces daily emissions by half, even if the current demand is sustained, the analyst says a supply squeeze will drive prices higher. Even so, as mentioned earlier, whether BTC will rally depends on the pace at which immediate resistance levels are cleared.<\/span><\/p>\n

Historically, prices tend to rally a few months after Halving<\/a> Day. However, in the past few months, there have been notable deviations. For instance, prices soared to all-time highs before Halving Day. This is the first time this has happened.<\/span><\/p>\n

Related Reading: Ripple Vs. SEC Update: Is The Lawsuit Finally Coming To An End With A Settlement?<\/a><\/div>\n

Beyond technical formations, the United States Securities and Exchange Commission (SEC) approved the first spot Bitcoin ETFs in January 2024. Through this product, institutions are free to gain exposure through shares. These shifting dynamics will shape price action in the current epoch, possibly leading to new deviations from historical performances.\u00a0<\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

In a post on X, one analyst has\u00a0picked out a key on-chain metric that could signal the beginning of a strong leg up, similar to the explosive gains 2017. Currently, Bitcoin prices remain steady and edging higher. However, the coin failed to register sharp upswings, as most traders had predicted before the Halving event on April 20. Flow Indicator Dips: A Bull Run In The Making? Taking to X, the analyst said there has been a sharp drop in the 7-day average Flow indicator at leading crypto exchanges like Coinbase and Binance. When this was highlighted, the Flow indicator pointed to a decline from 161,000 to 76,000 BTC, a nearly 50% drop.\u00a0 Interestingly, a similar pattern emerged in 2017 before Bitcoin embarked on a historic bull run. Related Reading: Akash Network (AKT) Leads Crypto Top 100 With 46% Rise Today: Here\u2019s Why The analyst said the Flow indicator dropped to 64,500 BTC across exchanges days and weeks later before prices exploded to around $20,000 in December 2017.\u00a0 For now, only time will tell if Bitcoin is preparing for a strong leg up.\u00a0The coin remains within a bear formation, looking at the candlestick arrangement in the daily chart. Even though prices rose after Halving Day on April 20, sellers are in charge. As it is, the April 13 bearish engulfing pattern continues to define price action. Technically, a close above $68,000 might be the foundation for a rally towards $74,000 in the days ahead. Bitcoin Supply Rapidly Shrinking While the Flow indicator points to declining BTC across exchanges, another analyst has discovered an interesting development. Taking to X, another analyst noted\u00a0that the available Bitcoin supply dipped below 4.6 million for the first time before April 20, when the network halved miner rewards.\u00a0 Since Halving reduces daily emissions by half, even if the current demand is sustained, the analyst says a supply squeeze will drive prices higher. Even so, as mentioned earlier, whether BTC will rally depends on the pace at which immediate resistance levels are cleared. Historically, prices tend to rally a few months after Halving Day. However, in the past few months, there have been notable deviations. For instance, prices soared to all-time highs before Halving Day. This is the first time this has happened. Related Reading: Ripple Vs. SEC Update: Is The Lawsuit Finally Coming To An End With A Settlement? Beyond technical formations, the United States Securities and Exchange Commission (SEC) approved the first spot Bitcoin ETFs in January 2024. Through this product, institutions are free to gain exposure through shares. These shifting dynamics will shape price action in the current epoch, possibly leading to new deviations from historical performances.\u00a0 Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":599685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8856,679,1122,78790,89583],"class_list":["post-604694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-price","tag-btc-price","tag-btcusdt","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\nThis Metric Printed In 2017 Before Bitcoin Exploded: Is A Mega Run Incoming?<\/title>\n<meta name=\"description\" content=\"Bitcoin, one analyst notes, is poised for sharp price gains mirroring those of 2017 amid contracting BTC 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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