Home / Crypto News / Bitcoin News / Are new statistics from Bitcoin pointing to a new bull market?

Are new statistics from Bitcoin pointing to a new bull market?

Are new statistics from Bitcoin pointing to a new bull market? Are new statistics from Bitcoin pointing to a new bull market? - iota transactions min

On Twitter, the trader and analyst “FlibFlib” has presented an interesting analysis. This is about the UTXOs of Bitcoin. These are important to understand bitcoin, but generally less well known. “UTXO” stands for “unspent transaction output”, which could be translated as “unused transaction output”. But what does that mean?

To put it simply, the Bitcoin network is unable to split the outputs. To solve this problem, Satoshi programmed the UTXOs. These split the outputs into “Spent” and “Unspent” and thus create a change system that simplifies the bookkeeping.

A practical example for this. Imagine that Anna gets five bitcoin in a transaction and these are then the contents of her wallet. Then she wants to pay something to Peter by sending him a Bitcoin. Your wallet automatically transfers your entire balance. The wallet sends a Bitcoin to Peter in the Spent output and four back to Anna to a new created change address – the Unspent output.

One has to keep in mind that UTXO is not used on all blockchains become. Ethereum, for example, has a different accounting system.

FlibFlib has analyzed Bitcoin's UTXOs and has drawn some interesting conclusions. According to his analysis, the number of unspent outputs increases. From this he concludes that Bitcoin is currently undergoing an accumulation phase. FlibFlib refers to the “Smart Money” traders, professional, experienced investors who bought Bitcoin in bulk before the rise in 2017.

A reliable signal?

At the time For a few weeks after the Bitcoin all-time high, the UTXOs continued to rise dramatically. This was followed by a sharp slump that correlated with the fall in Bitcoin's price to below $ 10,000. This was probably the signal that a significant number of traders and investors had panicked their held Bitcoin. In July, followed by a slump by 20 percent compared to the all-time high. As a result, the UTXOs returned to the level they had when Bitcoin exceeded USD 10,000 in November 2017.

FlibFlib concludes that more people currently hold Bitcoin. Bitcoin's share price may fall below $ 6,000, he says, but a price below $ 5,500 is currently unlikely.

He goes on to say he believes that the latest slump in UTXO numbers is down 20 percent the insolvency administrator of the crypto exchange Mt.Gox. This had repelled many coins at the end of the 2017 cycle. Finally, FlibFlib also explains what circumstances could make the Bitcoin price rise again. He writes that the unspent output indicator should see a significant boost, along with a slight increase in the bitcoin price. That would indicate, in his opinion, that the bear market had taken its course.

Are new statistics from Bitcoin pointing to a new bull market? Are new statistics from Bitcoin pointing to a new bull market? -

Source: Twitter, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/deuten-neue-statistiken-von-bitcoin-auf-eine-neuen-bullenmarkt-hin/

Disclaimer: CoinNewsDesk.com is a crypto news portal, financial discussion forum, and content curator / aggregator. Articles on Coin News Desk are provided for entertainment and information purposes only. We are not an investment advisor and do not provide financial advice.

We can not review all articles posted on CoinNewsDesk.com. Please independently research and verify any information here before relying on it as fact. It's also important to do proper due diligence and analysis, including consulting a professional financial advisor. No content on Coin News Desk makes any recommendation to enter into any type of investment or engage in any investment strategy on this website.

About Coin News Desk Team

Leave a Reply

Your email address will not be published. Required fields are marked *