The head of CryptoQuant talked about an important indicator of the bitcoin market
The head of CryptoQuant Ki Young Zhi keeps his focus on the inflow and outflow of the No. 1 cryptocurrency from cryptocurrency exchanges.
CryptoQuant head of analytics, Ki Young Zhi, said that he keeps a close eye on the flow of bitcoins in and out of cryptocurrency exchanges. This is especially true during the next downward correction of bitcoin prices. If crypto exchanges find themselves in a situation where the flow of bitcoins to them is decreasing, then Ki Young Zhi believes that it is very likely that the No. 1 cryptocurrency will see a big bounce.
Meanwhile, after bitcoin’s price decline on April 24-25, the oldest cryptocurrency managed to switch to growth on April 26, rising to $54,000 by early April 27, which, nevertheless, is more than $10,000 less than the historical high that was fixed in the middle of the month.
Partially offsetting the decline, the rise in bitcoin price was accompanied by a number of positive news for the No. 1 cryptocurrency. Thus, a famous American blogger Dave Portnoy, whose fortune is estimated at about $120 million, said that he was “happy to be the owner of a bitcoin”. Earlier the blogger had invested in cryptocurrencies, then disappointed, but now he looks at the world of digital assets in a different way.
It is worth noting that despite the record rise in the price of bitcoin in 2021, it continued to buy near the maximum values of companies such as MicroStrategy and Meitu.
Experts are encouraged by the bitcoin price rebound. Some, like Vailshire Capital Management founder Jeff Ross, believe bitcoin has taken the $100,000 mark. Trader Michael van de Poppe of the Amsterdam Stock Exchange believes that the cryptocurrency market expects a significant rise in 2022-2023 – in those years, he predicts the rise in the price of bitcoin at least to 350 thousand dollars, Ethereum – to 10 thousand dollars, as well as a significant rise in the price of Polkadot, Chainlink, Cardano, Elrond, DIA and Ziliqa.
