CryptoQuant Flags Early Bitcoin Reversal Signal as Spot Demand Turns Positive
Bitcoin spot demand is poised to flip positive for the first time since February, according to CryptoQuant, a pattern that has historically preceded strong 60-day returns.
BTCUSD
CryptoQuant analysts point to an early reversal signal for bitcoin. Spot demand is approaching a move into positive territory for the first time since February, the data provider said.
In past cycles, similar demand shifts were followed by an average bitcoin gain of 18.1% over the next 60 days, with upside recorded in 78% of cases. At the current low valuation, the success rate for comparable signals in prior cycles reached 87%, according to CryptoQuant.
Source: ForkLog