According to a popular crypto analyst, Bitcoin's future price action looks promising based on a particular on-chain metric. The analyst examines Bitcoin's yearly absorption rate on exchanges, which measures the yearly rate of exchanges' balance change compared to the volume of BTC mined over the same period.
A negative absorption rate is considered a bullish sign because it indicates less selling pressure, suggesting investors are holding onto their Bitcoin instead of selling it on exchanges. The current yearly Bitcoin absorption rate for exchanges is minus 100%, indicating much higher prices in the future for BTC. As of writing, Bitcoin is trading at $30,040, up 0.86% in the past 24 hours.
All Comments