[Analysis] "Bitcoin, Exchange Withdrawals Surge… Rally Expected"

Image=CryptoQuant

There is a forecast that Bitcoin (BTC) will show solid price movements as withdrawals from exchanges surge.

On the 28th (local time), CryptoQuant author AxelAdlerJr reported, "In the past few weeks, the number of Bitcoin deposits to exchanges has recorded about 30,000 per day, similar to the all-time low in 2016. Typically, a decrease in exchange deposits tends to signal the start of a Bitcoin rally."

The author continued, "The Netflow-to-Reserve Ratio has also turned negative, indicating that Bitcoin is being withdrawn from exchanges. Generally, when this indicator is negative, it marks the end of a bear market, suggesting that Bitcoin prices will show solid movements in the future."