#onchain #technical #sentimental #analysis
#BTC #short_term
This is CONCERNING! Exchange Flows had a huge drop in address count since beginning April 2022.
Maybe this is an April Fool's joke, but ever since April 1st, 2022, the address count of inflows and outflows going onto exchanges has been decreasing at a tremendous rate.
What is concerning is that the BTC price is highly correlated with activities. The address counts moving BTC onto and off exchange is an example of some activities happening on the Bitcoin network and has shown to be a good indicator.
Look at the correlation of BTC address count inflow and outflow compared to BTC price shown by the arrows.
Historically, a huge drop in address counts (inflows & outflows) lead to a significant price correction for BTC.
Did BTC's price already priced in?
AND
Will we see an increase in inflows and outflows by more addresses and have a re-bounce?
OR in a Bearish case:
Will BTC's price further correct itself?
by YAS0
