The price of Bitcoin has continued to hover around the $70,000 level this weekend, establishing a choppy structure above this psychological level. According to the latest on-chain data, a significant buy alarm has gone off for BTC, indicating the potential start of a bull market.<\/p>\n
On Saturday, March 21, popular market analyst Ali Martinez took to the social media platform X to sound<\/a> a bullish alarm for Bitcoin, the world\u2019s largest cryptocurrency by market capitalization. The crypto pundit posited that the market leader could be at the beginning of a period of extended upward movement.<\/p>\n The rationale behind this bullish projection is the recent shift in the Inter-Exchange Flow Pulse (IFP) metric. The Inter-Exchange Flow Pulse is an on-chain indicator that measures BTC flows between spot and derivative exchanges using the Bitcoin exchange flow data.<\/p>\n Changes in this on-chain metric are useful in determining whether investor sentiment in the Bitcoin market<\/a> is bullish or bearish. Typically, the IFP indicator rises when significant amounts of BTC are being moved to derivative exchanges, suggesting a growing risk appetite and the potential imminence of a bullish period.<\/p>\n The movement of the IFP (purple line) in relation to its 90-day moving average (broken lines) helps to identify price tops and bottoms while determining the potential long-term trend of the cryptocurrency. When the Inter-Exchange Flow Pulse crosses below its 90-day average, it signals a potential bear market and prolonged price downturn.<\/p>\n As observed in the chart above, the IFP trended beneath the 90-day average early last year, suggesting that the current bear market<\/a> started as far back as the first quarter of 2025. While the Bitcoin price initially ran up to a new all-time high above $126,000, the flagship cryptocurrency has since shaved off nearly 45% in value since the cycle peak.<\/p>\n What\u2019s more interesting, the price of Bitcoin appears to have hit its bottom, with the IFP crossing back above the 90-day average in recent weeks. As Martinez mentioned in his post on X, this crossover is a major buy signal that could suggest \u201cbig money is getting ready for a rally.\u201d<\/p>\n