CryptoQuant explained that the Coinbase (NASDAQ:COIN) chart reflects fluctuations in demand from U.S. retail investors — the higher the Coinbase Premium Gap (NYSE:GAP) value, the greater the buying pressure on the cryptocurrency.
Analysts presented the index metric on an hourly time frame using an hourly daily moving average and an hourly weekly moving average.
In their opinion, after the first indicator crosses the second from the bottom up, significant price movements of the cryptocurrency will be observed. Coinbase Premium Gap has now exceeded 168 HMA (hourly moving average weekly), and the gap between the moving averages is steadily decreasing, CryptoQuant experts noted. The analysts marked episodes of the formation of the "golden cross" and a possible sharp increase in the Bitcoin rate with the shaded gray area.
The current correction in Bitcoin should be perceived by investors as an opportunity for a profitable purchase, analysts believe.
Earlier, Jack Mallers, founder and CEO of the payment platform Strike, warned that the injection of liquidity from the US Federal Reserve System (Fed) will devalue dollar savings, so you need to buy Bitcoin.
