Bitcoin analyst says new ATH in October is likely as on-chain data shows stablecoins may have started to pump into BTC. Stablecoins Reserve Starts Moving Down, Bitcoin To Reach New ATH In October? As explained by an analyst on CryptoQuant, after staying at highs, the stablecoins reserve has finally started a decline. Based on this and a couple other indicators, the quant believes there is a high probability we will see a new Bitcoin all time high (ATH) in October. The stablecoins exchange reserve is an indicator that shows the total amount of fiat-tied coins currently present on exchanges. An increase in the value of the metric could suggest an increase in the supply of dry powder for Bitcoin and other cryptocurrencies. When the reserve starts declining, it may mean investors now want to enter into volatile markets and are exchanging these coins to do so. Large withdrawals to personal wallets or to fiat will also show up as a decrease in the indicator. The below chart shows how the value of the stablecoins exchange reserve has changed recently: The reserve indicator vs the Bitcoin price | Source: CryptoQuant As the graph shows, the value of the stablecoins reserve made new peaks just recently. This shows how these fiat-tied coins were piling up on exchanges as investors were waiting to enter volatile markets. Related Reading | On-Chain Data Shows Bitcoin Whales Hold Fort Despite Recent Dips At the moment, it looks li...
