Whales withdraw their bitcoins from crypto exchanges in anticipation of the growth of BTC

As countries around the world struggle to contain the second wave of coronavirus, investors in the stock market have gone intostandby or observation mode.This hesitation in traditional financial markets has been reflected in the cryptocurrency market, as Bitcoin has showed rather uninspiring price performance in recent weeks.

After Bitcoin (BTC) fluctuated in the $9,000 zoneWith a few drops below this level, Bitcoin will gain significant bullish momentum by July, according to CrytoQuant CEO Ki Young Joo.

Bitcoin movement in a limited price range -this is a nightmare for day traders, which suggests that whales are building up their assets behind the scenes. Currently, bitcoins leave cryptocurrency exchanges at a record speed, as investors prefer to store them in more reliable crypto wallets.

Joo analyzed the performance of exchanges and revealedAn interesting correlation between bitcoin whales moving their assets from exchanges and the accompanying changes in bitcoin prices. According to his calculations, when large BTC holders move their coins from exchanges, this is a strong signal to buy cryptocurrency.

The head of the analytical company amounted to twographics comparing the bull markets of 2017 and 2019. He noted that in both situations, four months passed after the peak of Bitcoin's findings, then a new bull market began. After analyzing the 7-day moving average outflow of funds from exchanges, he found that the BTC mega-bull rally is likely to start by mid-July.

According to the latest data, the #BTC BULL market is likely to start in mid-July. pic.twitter.com/acAA1pu53J

- Ki Young Ju (@ki_young_ju) June 22, 2020

Crypto Michaël analyst also believes that soon bitcoin, which is holding above the necessary level of support, will embark on the path to higher prices:

«Everything is going according to plan, according to which $9,200-9,250 is support. It is likely that we will test the resistance at $9600... A fall from the $9200 level will take us to $8250-8500.»

$ BTC #BITCOIN

Update on this one. Still following the plan, through which $ 9,200-9,250 held as support.

It seems likely that we're going to test the $9,600 resistance area whether we can sustain this momentum and scenario.

Losing $9,200 -> Targeting $8,250-8,500. pic.twitter.com/AWXWKVdCUV

- Crypto Michaël (@CryptoMichNL) June 21, 2020

At the time of writing, the main cryptocurrency has grown by 3% and was trading at $ 9,656.

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