A major buy signal has just lit up on the Bitcoin market. The « supply metric », an indicator that measures Bitcoin flows between exchanges and wallets, has entered buy territory for the first time since 2022.
What is the « Supply Metric »?
The supply metric is an on-chain indicator that analyzes the proportion of Bitcoins held on exchanges compared to those held in private wallets. When this proportion drops sharply, it indicates that investors are withdrawing their Bitcoins from exchanges to hold them long term — a historically bullish signal.
« The last time we saw such a signal was in November 2022, just before the rally that drove Bitcoin from $16,000 to $44,000 », explains a CryptoQuant analyst.
A Favorable Macroeconomic Context
This technical signal comes at a particular economic moment. Capital rotation, declining interest rates, and growing institutional adoption are creating an ideal environment for a new Bitcoin rally.
Data shows that whales (large holders) have been actively accumulating Bitcoin for several weeks. Addresses holding more than 1,000 BTC have increased by 12% over the last quarter.
What Are Analysts Saying?
Opinions remain divided. While some see this signal as the start of a new bull market, others urge caution. « On-chain signals are powerful, but they are never infallible », recalls a Bitfinex trader.
The consensus, however, seems to lean toward a continuation of the uptrend, with a target of $90,000 to $100,000 by the end of the year if macroeconomic conditions remain favorable.
- Bitcoin buy signal active for the first time since 2022
- The supply metric indicates massive Bitcoin withdrawals from exchanges
- Whales have been accumulating for several weeks
- Potential target: $90,000 to $100,000
- Macroeconomic context supports the uptrend
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