Price performance tends to flip bullish four months after peak whale withdrawals from exchanges — and the next cycle is almost here, data shows.
Bitcoin (BTC) investors should buy BTC when whales do one thing in particular — bull runs begin several months later.
That was the latest insight from Ki Young Ju, CEO of on-chain analysis resource CryptoQuant, who revealed that when whales withdraw Bitcoin from exchanges, it’s time to enter the market.
Analyst: Buy BTC before whale cycle is up
Uploading two charts comparing Bitcoin’s 2017 and 2019 bull runs, Ki noted that the start of each uptrend came four months after a peak in whale withdrawals.
The data came via CryptoQuant’s seven-day moving average whale exchange withdrawals metric.
“BUY #BTC when whales send bitcoins out of the exchange,” he summarized in Twitter comments.
“The BULL market usually starts four months after the exchange average withdrawal hits year-high.”
The hint could well prove timely, coming three months after Bitcoin’s most recent annual withdrawal peak in March.