As Bitcoin continues its efforts to hold above $43,000, investors are impatient for the rise.
While investors are now waiting for a big increase from BTC, a bull signal came from the CryptoQuant analyst.
At this point, the analyst stated that the supply of stablecoins entering the stock exchanges increased and referred to the year 2020-2021.
Pointing out that the supply of stablecoins on the exchanges increased in 2020-2021, as it does now, and then a bull market occurred, the CryptoQuant analyst pointed to the second half of 2024 for a strong bull rally:
“It can be assumed that as the number of stablecoins that can be traded increases, the amount of cash circulating in the crypto market also increases.
When you look at the chart, you can see that the stablecoin supply on the exchanges has been on an increasing trend recently.
These funds can create buying pressure for Bitcoin and altcoins.
When we look at the 2020-2021 bull market, you can see that the supply of stablecoins increased rapidly, and there was a bull at that time too.
Currently, medium and long-term purchasing pressure is getting stronger. At this point, we can see a strong bull market in the second half of 2024. “
*This is not investment advice.
