The price of Bitcoin has continued to hover around the $70,000 level this weekend, establishing a choppy structure above this psychological level. According to the latest on-chain data, a significant buy alarm has gone off for BTC, indicating the potential start of a bull market.
Has BTC Price Reached Its Cycle Bottom?The rationale behind this bullish projection is the recent shift in the Inter-Exchange Flow Pulse (IFP) metric. The Inter-Exchange Flow Pulse is an on-chain indicator that measures BTC flows between spot and derivative exchanges using the Bitcoin exchange flow data.
The movement of the IFP (purple line) in relation to its 90-day moving average (broken lines) helps to identify price tops and bottoms while determining the potential long-term trend of the cryptocurrency. When the Inter-Exchange Flow Pulse crosses below its 90-day average, it signals a potential bear market and prolonged price downturn.
What’s more interesting, the price of Bitcoin appears to have hit its bottom, with the IFP crossing back above the 90-day average in recent weeks. As Martinez mentioned in his post on X, this crossover is a major buy signal that could suggest “big money is getting ready for a rally.”
Bitcoin Price At A GlanceAs of this writing, BTC is valued at around $70,360, reflecting a 0.3% price increase in the past 24 hours.
