While I do love all the charts and patterns pointing out how similar this move is to past moves, there is one thing that is very different this time around.
And that's the supply of bitcoin on Exchanges.
Back in 2017 as the price climbed higher and higher the supply on Exchanges started going up.
That makes sense to me right, as the price goes up more and more people move their crypto to an Exchange so they can sell it for more money.
That is not what is happening this time though.
The higher bitcoin goes the more supply is being pulled from Exchanges.
Sees:
(Source:
)https://twitter.com/BTC_Archive/status/1361378305803444229/photo/1
- BTC_Archive
Look at the chart back in 2017, there was a little dip in the supply on Exchanges at the beginning of 2017 and late 2016, but that was it.
Right now we are seeing a huge exodus from Exchanges while the price keeps climbing.
That probably means we are going to keep grinding higher.
I am watching this trend closely to see when it starts to reverse to get an idea of when a top may be in.
Even then though, the top won't come for months and months after the supply on Exchanges starts going up again.
That's what happened back in 2017 anyways.
