Is Bitcoin Gearing Up For A Bigger Rally? Here’s What On-Chain Data Reveals
Bitcoin has seen an uptick in price enough to recover from the losses in value from August. So far, the asset has surged by nearly 10% in the past two weeks alone, registering a 24-hour high of $66,000 earlier today, although BTC has now seen a slight retracement, currently trading at $63,508.
Amid this price performance, Axel Adler Jr, an analyst from the on-chain analytics platform CryptoQuant, has shed light on the potential for Bitcoin to see a bigger rally shortly based on key indicators.
According to Adler, a significant shift observed in Bitcoin’s market activity appears to suggest that the crypto market might be gearing up for a bullish momentum soon.
One of the focal points of Adler’s analysis is the “Exchange Flow Multiple,” which plays a crucial role in understanding the movement of Bitcoin on exchanges.
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