BTC to hit new all-time high soon? Signs of a bull market turn, BTC inflows to exchanges plummet in August

“When analyzing the last 2016 and 2020 market cycles, it is highly likely that Bitcoin will soon reach a new all-time high (ATH),” said an anonymous cryptocurrency trader from Rekt Capital in a YouTube broadcast, according to the Daily Hodl. “We are slowly but surely moving into a bull market phase. Maybe it's already in a bull market. “Based on historical precedent, we expect Bitcoin to come out of the post-halving re-accumulation phase as early as next month.

After that, the market could enter the maximum trigger phase. In the past, in 2020, the market entered the parabolic phase after 160 days of halving. In 2016, it took 150 days. We are currently at 126 days after the halving, with about a month to go. We should see a breakout by the end of September.”

Meanwhile, Cointelegraph reported that Bitcoin inflows to major exchanges plummeted in August, citing CryptoQuant data. “Exchange inflows are an indicator of potential selling pressure. “Despite concerns about Mt Gox redemptions and US government sales, exchange inflows have dropped significantly since the beginning of August,” the media outlet explained.