Bitcoin prices rose slightly to 1.04% last week, entering the $110,600 price range after major revisions over the past few weeks. In particular, on-chain data shared by crypto analyst Burak Kesmeci suggests that the best cryptocurrencies may have found a potential bottom, indicating a strong possibility of price rallies in the coming weeks.
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The KMFG sends the accumulated signal again. What will be the next big move for BTC?
In the X post on September 6th, Kesmeci shares an important note about the Bitcoin market that could indicate the bullish legs coming in.
Famous analysts report that Bitcoin’s KMFG indicator was officially re-entered into the accumulation zone for the first time since April 12, marking a potentially significant moment for mid- to long-term BTC investors. 147 days later, on-chain signals, which preceded a historically significant price rise, are now bolstering bullish expectations for another price swing.
In Kesmeci’s analysis, KMFG is presented as an indicator of custom crypto markets used to identify potential accumulation and distribution zones using a variety of market dynamics. A KMFG value below about 0.3 indicates accumulation, suggesting a localized base. Conversely, values above 0.7-0.8 indicate distribution and refer to potential local tops.
KMFG last gave its accumulated signal in mid-April. What followed was a strong, sustained upward trend, which ultimately peaked at a new all-time high (ATH) of around $124,000. That means an impressive 67% increase in just four months.
This week’s signal could indicate that Bitcoin is again at or near the local bottom. BTC prices have been consolidated in recent weeks, hovering between $107,000 and $112,500, with KMFG metrics falling sharply into the green “accumulation zone” of the chart. Historically, such levels have coincided with the early stages of the upward trend.
As BTC KMFG falls below the 0.3 mark, the historic pattern suggests that this could be a major territory, especially for investors who are able to achieve rebound potential, despite careful sentiment in the market.
Bitcoin Market Overview
At the press conference, Bitcoin will trade at $110,601 after a 0.26% decline in the past day. On the monthly chart, the best cryptocurrencies report a huge loss of 5.4%, reflecting the dominant sales pressure in the current market.
Bitcoin Network’s total fees rose 53.4% from the previous week to $3.7 million, indicating an increase in network demand, according to data from Analytics Firm Sentora. Meanwhile, Exchange Outflows has reached $7.04 billion, indicating strong market confidence among BTC investors in the long-term price rise of assets.
Pexels featured images, TradingView charts
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