Exchange balances are dropping and that’s a bullish indicator that may propel Bitcoin to a new all-time high, according to Danny Scott.
Scott, chief executive of Isle of Man-based crypto exchange CoinCorner, notes on Twitter that people are buying BTC and stockpiling it in cold storage.
Explains the CEO,
“The only time exchange Bitcoin balances dropped for a consistent period was 6 months in the build-up to the 2017 bull run.
We’ve now passed 12 months and [it is] dropping significantly.”
Scott also notes that if Bitcoin follows previous April trends, its price will balloon next month.
“Law of averages gives Bitcoin an $83,000 price target for April. Average over 10 years in April +51%”
The exchange CEO tells Forbes that a historical average like that could potentially have actual power in the market.
“There have only been two negative Aprils since bitcoin began – in 2014 (-6%) and 2015 (-4%) – which is tied coincidentally with the