Fresh rallies are in sight for Bitcoin as several on-chain indicators flash green for BTC, according to a prominent analytics firm.
On the social media platform X, Swissblock says it expects Bitcoin to ignite a new bull run as investors yank massive amounts of BTC out of crypto exchanges.
[adinserter block="1"]According to Swissblock, the BTC exchange outflow is reminiscent of activity witnessed in Q4 of last year, when Bitcoin kicked off a rally toward a new all-time high of $110,000.
“Exchanges are starting to dry up:
BTC outflows surge like late 2024.
This signals less selling pressure and more long-term holding.
The bull run setup is shaping up, don’t miss the next wave!”
Swissblock adds that about $16.16 billion worth of Bitcoin were taken out of crypto exchanges last week, a sign that BTC whales and long-term holders are entering into accumulation mode.
“Major shift in sentiment [last] week for Bitcoin.
Large whales accumulating heavily.
Long-term holders (LTH) accumulating heavily.
Big exchange outflows of 172,000 BTC (XCHG).
This is the calm before the storm.”
Long-term holders are entities that have kept their BTC dormant for at least 155 days.
Last week, Swissblock noted that BTC needs to break the $95,000 price zone to spark a new leg up. But the firm also said that BTC may first pull back to the $89,000 area to take a breather before going higher.
At time of writing, Bitcoin is trading for $93,964.
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