The Bitcoin outflow from exchanges has continued despite the price consolidating between $58K-$60K. Today COINBASE registered another 12K BTC outflow worth $690 million during early hours. The outflow of BTC that too of such high value out of the exchanges occurs mainly for two reasons, either big whales are anticipating another bullish surge, or another big institution making Bitcoin purchase.
Source: CryptoQuant
Coinbase has been well-known for facilitating several institutional purchases this bull season including the $1.5 billion purchase made by Tesla. The outflow out of Coinabse is generally sent out to its custody wallet service for institutions.
Bitcoin Price Pattern Indicate Next ATH is Just Round the Corner
The price of Bitcoin has been consolidating above $55K ever since BTC recorded a new ATH of $61,683 in the second week of March. Bitcoin this bull season has shown a price pattern where every month BTC has recorded a new ATH followed by a period of consolidation.
The consolidation period has become longer with each month, for example in the month of Jan and Feb BTC recorded its ATH in the first week itself, while in March the ATH came in the second week or in the middle of the month.
If Bitcoin continues to mimic its early price pattern the next ATH might come either towards the end of the second week or the early third week of April. Many started speculating about Bitcoin reaching its potential top due to the prolonged consolidation phase, however, on-chain metrics suggest otherwise.
The implied volatility of BTC suggests strong support at $55K while a consolidation point between $58,000-$60,000. If Bitcoin manages to get past this phase the next price target could be $72,000. The data also suggests that long-term hodlers and miners have stopped selling their BTC which is a bullish sign.
