Cryptocurrency analysis company Alphractal and its CEO Joao Wedson made remarkable assessments regarding market dynamics. According to Wedson, Binance’s spot trading volume has once again reached a dominant position in the market, which historically means a bullish signal for Bitcoin.
Joao Wedson said the following in a statement on his social media account:
“Binance’s Spot volume is now equal to all other exchanges combined. Also, Binance’s Spot volume is 10 times larger than Coinbase. The gap between Binance and other exchanges in spot volume is about to turn positive, which has triggered bull periods for Bitcoin in the past. Therefore, it is important to follow this trend closely.”
Wedson also called on investors to make>
The Alphractal team, on the other hand, announced in their analysis of on-chain data that old whales, the classic big investors of Bitcoin, have not yet taken action. Stating that BTC transaction volumes over $ 100,000 remain at 2020 levels, the analysis stated that such big movements are usually seen in bull markets, but there has been no significant increase since 2022.
Joao Wedson also drew attention to the “Bitcoin Long Term Power Law” model that he uses for Bitcoin’s long-term price prediction. This special log-log scale chart reveals Bitcoin’s potential with trend lines drawn with linear regression.
According to Wedson, according to this model, it seems unlikely that the BTC price will remain below $108,000 until 2033, as it would contradict Bitcoin’s historical growth curve.
*This is not investment advice.