Bullish Behavior in Bitcoin Supply
The total supply of Bitcoin (BTC) held on centralized cryptocurrency exchanges has dropped to a six-year low, with net outflows for 45 months in a row, as per CryptoQuant data.
Impact on Exchanges and Market Behavior
Based on a recent Bitfinex Alpha report, the decreasing supply of Bitcoin on exchanges is seen as a bullish sign, pointing towards long-term holders withdrawing BTC to custody and hold it, while short-term investors deposit their funds to exchanges for trading or selling.
Price Surge and Market Expectations
Bitcoin’s lowering supply on exchanges comes as its price exceeded $40,000 after dropping below it earlier, and amidst expectations of the approval of a spot Bitcoin ETF in the US. Analysts have made bullish price predictions, with Standard Chartered suggesting a price surge to $120,000 by the end of next year.
Hot Take: Strong Bullish Trend Expected for Bitcoin Price
Bitcoin’s ongoing supply trend on exchanges and predictions from analysts indicate strong bullish behavior ahead, with prices potentially retesting the $39,900 zone and even surging to $120,000 by next year. This suggests growing confidence and increased investment in the cryptocurrency market.
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