There are new signs of potential bull runs for Bitcoin and Ethereum, according to the latest on-chain reports. Check out the following data below.
BTC and ETH new potential bull runs
Accoridng to the latest reports, it seems that the crypto analytics firm Santiment says that on-chain data is now hinting at renewed bull runs for Bitcoin (BTC) and Ethereum (ETH).
The market intelligence firm said that both of the top two crypto assets by market cap are seeing more and more of their supplies being moved out of digital asset exchange platforms. They are reportedly moved into self-custody wallets.
According to the firm’s data, both BTC and ETH are seeing historically low supply on exchanges.
“Bitcoin and Ethereum both continue to quietly see more and more of their existing supplies move into self custody. Though not a perfect indicator, declining coins on exchanges generally hint at future bull runs, given enough time playing out.”
Bitcoin prediction for June
A widely followed crypto trader says king crypto Bitcoin (BTC) may fall further in June before rebounding.
Crypto analyst Justin Bennett tells his 112,600 Twitter followers that $25,000 might be the next stop for BTC.
“BTC is still catching a bid at $26,560, but if this level fails, $25,000 is next.
While many will bid $25,000 for a macro long, I think we see lower in the coming weeks.
Something like this is my base case but may be tweaked as things unfold.”
Diving deeper into the situation in a new blog post, Bennett says he is bearish on BTC for now.
“Bitcoin is once again testing the $26,560 key horizontal support after getting rejected from the mid-March trend line at $27,500…”
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $27,311. Stay tuned for more details about the price of BTC and other important digital assets.
