Bitcoin’s Active Supply Hits 19 Month Low — Bullish or Bearish?
Bitcoin’s active supply is mirroring 2017 pre bull-run
Bitcoin’s Active Supply Hits 19 Month Low — Is It Bullish or Bearish?
“Bitcoin’s (BTC) active supply has hit a 19-month low of just over one million Bitcoin. This could signal a potential strong price increase if it plays out in line with the findings of a report from asset manager Stack Funds earlier this month.
The active supply saw a sharp increase earlier this year with a 16% increase in less than three weeks to over 1.3 million Bitcoin. Looking at the 90-day moving average over the last three years, this pattern of a sharp increase followed by an almost equal pull back was seen twice before, both right before a strong price increase.
…Earlier this month, Bitcoin Active addresses increased sharply, hitting a one-year high before pulling back over the last two weeks. Again, this pattern is seen immediately before the bull run of 2017 and the strong price rise in Q1 2019.”