Trading indicators of cryptocurrency exchanges talk about the upcoming rally of the bitcoin rate

The CEO of Blueshyft, an Australian payment processing service, noted a daily increase in their volume after the start of a Bitcoin rally on Tuesday.

Kain Warwick, whose company processed $ 100 million for exchanges such as Binance Lite, CoinSpot and CoinJar, said in an interview with the online edition of Micky that money is actively pouring into cryptocurrency . Retail investors are as active as they were on the eve of the 2017 Bitcoin rally.

“We work with a large number of exchanges, and observed a fairly steady increase in deposits over the past 2-3 months – like in 2016 was a very strong leading indicator of the rally that we saw from the end of 2016 to the end of 2017 ,” said Warwick.

Blueshyft accepts payments for digital asset providers through 1,300 retail outlets across the country. In March , Binance Lite Australia announced the possibility of buying bitcoins through 1300 newsstands in Australia, in fact, the service has been operating since 2015.

The company works with banks and tax authorities; therefore, its data on increasing the influx of money into cryptographic bills much more accurately reflect the trend than the trading volumes of cryptocurrency exchanges that can be falsified, Warwick stressed.

“For me, this is one of the best indicators – you see people’s organic interest in investing in cryptocurrency. The volume of trade is easy to manipulate, but it is much more difficult to manipulate the interest of organic money flowing into the ecosystem. So for me it was a pretty good sign in the last few months that he rose again , ”said the head of Blueshyft.

In his opinion, it takes several more months to finally be convinced of the bull trend of Bitcoin, and the next two or three weeks will be decisive.

Recall, on the eve of the co-founder and analyst of Fundstrat Global Advisors Tom Lee (Tom Lee) said that Bitcoin is an undervalued asset, and its fair price is $ 14,000.

Publication date 08/04/2019
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