Supply crunch incoming? Bitcoin miners stop selling

By Reynaldo Marquez7 days ago

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Bitcoin continues to consolidate in the high $50,000 area, meanwhile, its fundamentals are strengthening and seem to point towards a price breakout.

Analyst Ali Martinez has shared data from Glassnode to predict the timing for a new BTC price rally. According to the analyst, when the cryptocurrency surpasses the 1 million threshold in the metric Entity-Adjusted Dormancy Flow, historically BTC “goes parabolic.”

Despite Bitcoin’s nearly 1,500% increase in a year, it is still below this threshold. The analyst stated:

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Despite the 1,465% surge that $BTC experienced since the March 2020 crash, the Bitcoin Entity-Adjusted Dormancy Flow has yet to move past the 1M threshold. When and if it does, #BTC could enter a new parabolic phase posting more gains than what we have already seen.

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