An analyst has suggested that two on-chain signals may be used to predict Bitcoin falls as they seem to have historically preceded drops in the crypto’s price. Bitcoin Selling Of 7yrs-10yrs Old Coins Spiked Up Recently As pointed out by an analyst in a CryptoQuant post, BTC dumping of coins aged between 7 years to 10 years and ETH dominance rising up can be two signs to look for before falls in the coin’s value. The first indicator of relevance here is the “Spent Output Age Bands,” which checks for on-chain movement of coins and tells us which age groups were responsible for them. The different “coin age groups” in the market include coins based on the total amount of time they were sitting idle for before being moved or sold. The group in question here is the “7 years to 10 years old” cohort. The Spent Output chart for this group, therefore, shows how many coins were moved that were previously sitting idle for periods in this range. Here is the graph for it: The value of the metric seems to have spiked up in recent days | Source: CryptoQuant As you can see in the chart, the quant has marked the relevant points of trend for this Bitcoin indicator as well as the corresponding BTC price. The analyst explains that whenever the spending of the 7 years to 10 years age band exceeds 5000, BTC usually observes a downtrend in its value. Related Reading: Bitcoin Monthly Stats: Cost Ba...
Bitcoin Price Prediction For March 21
