Bitcoin is showing early signs of a strong rally, evidenced by onchain data that mimics accumulation patterns observed after the LUNA and FTX collapses, signaling a potential breakout. The stablecoin inflow patterns have dipped into negative territory, similar to 2022 blue zones, suggesting a fresh accumulation phase as participants hold coins rather than sell. Currently, Bitcoin remains above $100,000, but new user activity is low, indicating a HODL phase among long-term holders. If new user activity increases and surpasses previous high levels, it could signal the onset of a significant bullish trend. Additionally, large transactions make up 96% of exchange flows, indicating potential strategic redistribution of coins that often coincides with price movements. However, short-term risks persist due to negative buying pressure, which might lead to a correction before any potential uptrend.

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