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.
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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