In a post on X, one analyst has picked out a key on-chain metric that could signal the beginning of a strong leg up, similar to the explosive gains 2017. Currently, Bitcoin prices remain steady and edging higher. However, the coin failed to register sharp upswings, as most traders had predicted before the Halving event on April 20.
Flow Indicator Dips: A Bull Run In The Making?
Taking to X, the analyst said there has been a sharp drop in the 7-day average Flow indicator at leading crypto exchanges like Coinbase and Binance. When this was highlighted, the Flow indicator pointed to a decline from 161,000 to 76,000 BTC, a nearly 50% drop.
Interestingly, a similar pattern emerged in 2017 before Bitcoin embarked on a historic bull run.
The analyst said the Flow indicator dropped to 64,500 BTC across exchanges days and weeks later before prices exploded to around $20,000 in December 2017.
For now, only time will tell if Bitcoin is preparing for a strong leg up. The coin
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