|

Bitcoin Price Prediction: Largest Influx of Bitcoins sent to exchanges this year

  • Bitcoin price has recently swept the September lows, inducing a 20% rally.
  • On-chain metrics show the largest influx of bitcoin tokens sent to all Exchanges this year.
  • An influx of onboarded bitcoin tokens usually leads to a 20-30% correction before a significant market reversal occurs.

Bitcoin price shows a change in market behavior underneath the hood. This in turn suggests a market reversal may be near.

Bitcoin price is getting ready to move

Bitcoin price is trading at 19,189 as the market has recently declined in nearly a free-fall over the previous weekend. The bears managed to tag the recently established swing low at $18.540 which led to a 20% rally during the first week of September. The up move reversed, however, and BTC price found a new low at $18,271. The decline was accompanied by an interesting change in market behavior behind the scenes.

Santiment’s Exchange Inflow Indicator has shown an uptick of 620K bitcoin tokens being onboarded onto all exchanges on September 19. That means 11,879,200,000 dollars worth of Bitcoin is now liquid and ready to be sold anytime. To reiterate, 10% of the entire Crypto market has been onboarded to all exchanges in the last 24 hours.

tm/btc/9/21/22

Santiment’s Exchange Inflow Indicartor

Historically the indicator has led to 20-30% corrections before massive bull runs occur. If history repeats itself, the next significant drop for Bitcoin may be the knife to truly catch.

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

Pi Network Price Forecast: PI risks another lower leg as the broader crypto market slips

Pi Network is trading in the red on Thursday, retreating toward a near-term support around $0.0740. The Fear and Greed Index declines to 43 on Thursday, while total liquidations exceed $350 million over the last 24 hours, suggesting a deterioration in investors' risk appetite and a sell-side bias. The technical outlook for PI is bearish, with selling pressure building.

Ripple and Stellar outlook: XRP and XLM lose ground as hawkish Fed tone weighs

Ripple and Stellar remain under pressure on Thursday as bearish derivatives positioning and on-chain signals weigh on sentiment. XRP slides toward key support at $1.30, while XLM gives back some of its recent gains. Meanwhile, the Federal Reserve held interest rates unchanged at 3.75%-4.00% at its two-day October policy meeting.

Cardano Price Forecast: ADA extends bearish reversal as sell-side pressure intensifies

Cardano faces intense selling pressure, with over 4% losses so far on Thursday, pushing the price below $0.2000. The sell-off aligns with the broader cryptocurrency market pullback after the US Federal Reserve decided to pause the federal funds rate at 3.75%-4.00% on Wednesday.

Cardano Price Forecast: ADA extends bearish reversal as sell-side pressure intensifies
Cardano (ADA) faces intense selling pressure, with over 4% losses so far on Thursday, pushing the price below $0.2000. The sell-off aligns with the broader cryptocurrency market pullback after the US Federal Reserve (Fed) decided to pause the federal funds rate at 3.75%-4.00% on Wednesday.
Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.