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Does intra-chain data suggest a bitcoin price correction? 

Does intra-chain data suggest a bitcoin price correction? 

  • 8 December 2020
  • 446 View

According to Cryptocurrency market news and analysis of the Miner Land cryptocurrency cloud mining, after the price of Bitcoin fell to $ 16,000, last week we saw the price recovered again and reached $ 19,000, but since then the price of Bitcoin has entered a stabilization phase, while the intra-chain indicators report the possibility of re-correction.

According to Cryptoslate, as the price of bitcoin stabilized, we saw upward jumps in the coin market. These jumps have been in double digits for some market currencies.

Is Bitcoin forming a downward pattern?

According to an in-chain analysis, Bitcoin is forming a downward pattern similar to what we saw in 2019 when the price of Bitcoin was at its peak of $ 14,000. According to some analysts, as we approach the end of 2020 and the release of negative news in the legislative debate, we should wait for the bitcoin reform. They believe that this situation will cause fear among investors and may stop the upward trend of bitcoins.

According to some analysts, as we approach the end of 2020 and the release of negative news in the legislative debate, we should wait for the bitcoin reform. They believe that this situation will cause fear among investors and may stop the upward trend of bitcoins.

Is Bitcoin forming a downward pattern?

What do the whale rates show?

Ki-Young Ju, the CEO of CryptoQuant Analytics, says he expects the bitcoin price to improve shortly through in-chain trends. Referring to “whale rates”, he said he was concerned about the current situation and the reform of bitcoin. Whale rates indicate what percentage of deposits in instant exchanges is made by large investors. He continued:

Whale rates in instant exchanges indicate that a short-term downtrend has begun. Historically, if this index is more than 95%, it means that 95% of deposits are 10 large deposits.

This situation indicates that we are likely to see a downward market or cross-fluctuations in the market. As we said, as long as this index is below 95%, that is, Bitcoin is in the uptrend. This index has proven itself in recent years and has had a small percentage of errors.

Are there any signs of a market downturn?

Ju presented a model that showed that in March 2020, when the price of Bitcoin fell by 50% below $ 4,000, the index was above 95%. He went on to say that in the bullish market of 2019 when the price of Bitcoin peaked at $ 14,000, the whale rate index was above 95%. According to him, we have witnessed a similar incident at other times.

In another tweet, he said the data showed that miners were selling large volumes of bitcoins. Some see this as a sign of the miners’ downward stance on the price of bitcoin, claiming that they are preparing for the downturn.

Some technical indicators also show signs of decline in the market. Raoul Pal, CEO of Real Vision, believes that in the coming weeks we may see bitcoin reform. He relies on the TD9 index, which calculates Bitcoin price milestones.

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