An on-chain metric which has been declining since 2017 is now signaling a bullish trend, analysts from Stack Funds say.
A new report analyzing on-chain activity says that Bitcoin (BTC) is now due for a bullish phase based on supply movements.
Published by asset manager Stack Funds on July 2, the findings suggest that 90-day active supply is dictating bullish potential for BTC/USD.
BTC price to rise “sooner rather than later”
Publishing an accompanying chart for the metric, Stack argued that it has important implications for historical price behavior.
“The data provides an indication of two folds.