Quick Bitcoin Price Recovery Looks in Doubt
Bitcoin may have a tough time charting a V-shaped recovery to recent highs in the short term, with on-chain activity showing increased selling pressure in the market. Blockchain analytics firm CryptoQuant’s exchange inflow indicator – which measures the 144-block (roughly 24-hour) average of mean bitcoin deposits across major cryptocurrency exchanges – has risen to 2.5 bitcoin, the highest level since March 20. In other words, the average size of inward-bound transactions to trading platforms has risen to eight-month highs.
“The data shows whales [large traders] are transferring their coins to exchanges,” CryptoQuant CEO Ki-Young Ju told CoinDesk. “The cryptocurrency usually trades in a sideways-to-negative manner when whales become active on exchanges.” Bitcoin is trading near $16,820 at press time, representing a 2% drop on a 24-hour basis. The cryptocurrency saw rejection above $17,400 early on Friday. The possibility of prices falling to or below Thursday’s low of $16,327 cannot be ruled out with average inflows now moving above 2 bitcoin – into CryptoQuant’s “danger zone.”
A reading above 2.00 on the indicator has consistently paved the way for notable price drops this year. The indicator rose above that level at least a week before the 40% drop seen on March 12. Similarly, the sharp sell-off seen in November 2018 was preceded by a sharp rise in the metric. Technical chart studies indicate low odds of an immediate bounce to levels above $19,000.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 62.4% | 82 | $63 365.57 | -1.97% | 6.45% | $1 194 493 310 958 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 71.6% | 59 | $4 124.43 | -1.79% | 9.07% | $486 803 148 738 |  |
|
| 3 |  BNB |
Binance Coin predictions | 69.2% | 64 | $491.77 | 1.14% | 6.53% | $82 027 720 087 |  |
|
| 4 |  ADA |
Cardano predictions | 88.4% | 12 | $2.19 | -1.25% | 1.22% | $72 004 147 290 |  |
|
| 5 |  USDT |
Tether predictions | 94.8% | 1 | $1.000207 | 0.03% | -0.02% | $69 627 517 914 |  |
|
| 6 |  SOL |
Solana predictions | 71.2% | 54 | $204.52 | 9.96% | 29.69% | $61 524 252 950 |  |
|
| 7 |  XRP |
XRP predictions | 71.2% | 50 | $1.10 | -2.42% | -1.36% | $51 788 239 987 |  |
|
| 8 |  DOT |
Polkadot predictions | 65.6% | 76 | $46.10 | 6.03% | 15.62% | $45 528 763 922 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 74% | 57 | $0.247098 | -1.08% | 8.28% | $32 567 634 508 |  |
|
| 10 |  USDC |
USD Coin predictions | 90.8% | 1 | $1.000150 | 0.04% | -0.03% | $32 399 349 700 |  |
|
| 11 |  LUNA |
Terra predictions | 69.6% | 63 | $44.59 | 9.19% | 20.56% | $17 908 201 379 |  |
|
| 12 |  UNI |
UniSwap predictions | 72% | 56 | $26.72 | -0.17% | 3.61% | $16 344 258 475 |  |
|
| 13 |  AVAX |
Avalanche predictions | 67.6% | 64 | $64.96 | 5.89% | 17.34% | $14 309 797 078 |  |
|
| 14 |  WBTC |
Wrapped Bitcoin predictions | 63.2% | 82 | $63 395.16 | -2.01% | 6.49% | $14 016 228 919 |  |
|
| 15 |  LTC |
Litecoin predictions | 68.8% | 56 | $198.79 | -2.79% | 10.12% | $13 677 185 173 |  |
