As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I’ve learned to never take anything for granted but always keep my eyes wide open for the subtlest signs of market movements. The recent analysis by Avocado Onchain caught my attention, as it highlighted a significant shift in buying pressure towards global markets, particularly Binance.
A cryptocurrency expert going by the alias ‘Avocado Onchain’ has recently pointed out an interesting change in the Bitcoin market based on their analysis.
Based on the analyst’s findings, the gap between the price of Bitcoin on Coinbase compared to Binance, as indicated by the Coinbase Premium, is now below zero.
It seems that the cost of Bitcoin is typically less on Coinbase than on Binance, suggesting a possible difference in purchasing behavior between these two markets.
Buying Pressure Shifts To Global Markets
Despite the negative Coinbase Premium, the analyst noted that Bitcoin’s price has increased. This suggests that while US-based traders on Coinbase may not be driving the price up, there is significant buying pressure on Binance, a major exchange catering to global users.
The analyst highlighted that a lower-than-expected Coinbase price (compared to the market) indicates increased activity from non-US traders, especially on Binance, where the price tends to be slightly higher.
Negative Coinbase Premium Signals Strong Buying Pressure on Binance
In this rising market, the negative Coinbase Premium along with Bitcoin’s price not decreasing indicates a significant demand or buying pressure on Binance.” – Paraphrased by AI Assistant.
— CryptoQuant.com (@cryptoquant_com) September 20, 2024
This purchasing behavior indicates a higher global appetite for Bitcoin on various international exchanges. Furthermore, Avocado’s assessment suggests that a significant rise in Bitcoin’s price could be triggered if the buying pressure continues to intensify globally, fueled by FOMO (fear of missing out) among investors from multiple regions.
Based on the analyst’s perspective, the increase in purchasing interest towards Binance is considered a “favorable indicator” suggesting the direction of Bitcoin’s price movement.
Bitcoin Performance So Far
Remarkably, Bitcoin’s price surge is a clear indication of the optimism stemming from the recent shift in buying trends. In fact, within the last 24 hours, the value has climbed beyond $64,000 during the early hours of Friday.
Currently, Bitcoin has experienced a minor dip from its 24-hour peak, with the current trading price being $62,831 – a decrease of 0.7% over the last day.
As an analyst, I observed a significant surge in the price of Bitcoin (BTC) beyond $64,000, which in turn triggered a momentary escalation in Bitcoin’s market capitalization valuation. This rise amounted to approximately $20 billion, pushing the total market cap up to around $1.260 trillion. However, at the time I am writing this, the market cap has slightly dipped, settling at $1.242 trillion.
Based on expert analysis, a significant surge in Bitcoin’s value may be imminent soon. Notably, a popular crypto analyst named Crypto Rover has highlighted on his YouTube channel that historically, the Bitcoin bull market tends to begin approximately 170 days following a halving event.
Could it be possible, given the current market situation 153 days post-halving, that history might follow a similar pattern?
Usually, the #Bitcoin bull market starts 170 days after halving.
The market top is 480 days after halving.
Currently, we are 153 days after the $BTC halving.
Will history repeat?
— Crypto Rover (@rovercrc) September 20, 2024
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2024-09-21 07:16