A very good reason to believe the BTC bull market has a long ways to go...
BTC is having trouble going up, it must be near the top right, well probably not...
I've seen some muttering, from myself included that bitcoin should have been going up by now, but it isn't...
That could be seen as a bearish indicator, however, there is one thing that keeps bullish anytime I start to have any concerns about a potential top.
By the way when I say top, I am talking about both local tops and ultimately tops, grouping them all together.
What is that indicator I am talking about you may be wondering...
This:
(Source: https://twitter.com/BTC_Archive/status/1383459301360996362/photo/1)
The supply on exchanges continues to drop even though the price continues to climb.
We are basically up 6x in less than 6 months yet people still aren't selling, in fact, they are buying more than ever.
The amount of btc sitting on exchanges is still falling, which is what we saw at the very beginning of 2017.
As long as this trend continues it will probably be a long time before bitcoin tops.
When we start seeing the balance on exchanges start going up, then we know we are probably within a few months of a top.
Though last time, btc ran for another 12 months after the balance on exchanges started going up again...
Really unbelievable when you think about it.
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In my own opinion I'd say bitcoin still has a long way to go ...u made a comparism of 2017 ,wel i would love to remind you that the world hasn't know corona virus then...we are in a new era and trust me bitcoin is leading us to the future....great post by the way