In a series of tweets published this week, CryptoQuant CEO Ki Young Ju predicted bitcoin would reach $50,000 soon, citing an influx of stablecoin deposits from whales as a bullish signal.
According to the platform’s Buying/Selling Pressure metric, on-chain indicators suggest an influx of stablecoins to exchanges, signaling a bullish rally ahead for bitcoin. The metric evaluates the total number of deposit wallets across all stablecoins flowing into exchanges by block, with a value above 80 correlating to a short-term bullish phase of one to five percent.
The CryptoQuant executive also pointed to the platform’s BTC-to-Stablecoin ratio, which shows the amount of bitcoin on exchanges relative to stablecoin holdings. According to the platform, the indicator points to the market’s potential selling pressure by showing the strength between bitcoin and stablecoin reserves.
Featured Image Credit: Photo via Pexels.com