There Are Three Indicators That Could Trigger Bitcoin's Rise.

"Banana Zone" seems to be on the horizon for Bitcoin, but for a "sustainable recovery," it first needs to reverse these key metrics.

Bitcoin may soon enter a potential "Banana Zone" stage that could trigger a price increase, but crypto analysts are first expecting to see a reversal in three key indicators.

Julien Bittel, the research director at Global Macro Investor (GMI), stated in a June 18th post, "Fundamentally, we are in the boring zone before the Banana Zone."

The term "Banana Zone" is coined by Raoul Pal, founder of GMI and a well-known figure in the crypto markets, to describe a significant period of upward price movement.

According to IT Tech from CryptoQuant, Bitcoin miners need to reduce their sales. Since Bitcoin reached its all-time high of $73,679 in March, miners have experienced a significant decline in revenue.

According to Blockchain.com data, daily revenue from block rewards and transaction fees reached approximately $78.89 million on March 11, but has since decreased by about 56% to $34.26 million as of June 12.

Analysts also noted a liquidity shortage in the stablecoin market and emphasized the need for an increase in stablecoin inflows. According to CryptoQuant, the amount of stablecoins held in crypto exchanges has decreased by about 10% over the past two months, currently standing at $21.96 billion.

Analysts further highlighted that outflows from major Bitcoin exchange-traded funds (ETFs) like Fidelity and Grayscale Investments have created selling pressure on Bitcoin and emphasized the need to reduce these outflows. According to Farside data, on June 18, there were outflows of $83.1 million from the Fidelity Bitcoin Wise Origin Bitcoin Fund (FBTC) and $62.3 million from the Grayscale Bitcoin Trust ETF (GBTC).

According to CoinMarketCap data, Bitcoin is currently trading at $64,966, marking a 2.35% decrease in the last 30 days. It has seen a 12% drop from its all-time high of $73,679 in March, which IT Tech believes could be a "market bottom."

Altcoins experienced larger losses last week, with Solana (SOL) dropping by 8.23%, Dogecoin (DOGE) by 11.67%, and Shiba Inu (SHIB) by 16.31% over the past seven days.

Bittel indicated that Bitcoin's price movements suggest it is in a "sideways downward phase," while crypto trader Rekt Capital stated that Bitcoin will not see a turnaround without breaking the ongoing downtrend in June.

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