CandleFocus Is Bitcoin Gearing Up For A Bigger Rally? Here’s What On-Chain Data Reveals
2024-10-01
Author: Content Editor
Bitcoin has experienced a recent surge in price, recovering from its losses in August and seeing a 10% increase in the past two weeks. Analyst Axel Adler Jr from CryptoQuant believes that this could be a sign of a larger rally on the horizon. He highlights the importance of the Exchange Flow Multiple, which measures the ratio between short-term and long-term Bitcoin inflows and outflows on exchanges. A decline in this multiple suggests decreased volatility and a potential bullish momentum. Adler Jr attributes the decline to long-term holders retaining assets and a natural market correction and recovery process. He notes that similar patterns in the Exchange Flow Multiple have preceded previous rallies, indicating the potential for a significant upward movement in Bitcoin's price.
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