Bitcoin exchange reserve hits 2018 low
Once again, Bitcoin is witnessing a surge in its bullish momentum, quickly nearing the $60,000 milestone. This surge could merely be the beginning, with the cryptocurrency poised to scale new peaks shortly. Let’s delve into the reasons behind BTC's current trajectory.
According to CoinMarketCap, BTC has seen over a 6% increase in the last week alone. The positive trend continued in the last 24 hours, with the premier cryptocurrency experiencing a rise of more than 1%.
Currently, BTC is priced at $59,256.11 and boasts a market capitalization exceeding $1.17 trillion.
In a recent tweet, a well-known cryptocurrency analyst, Titan of Crypto, pointed out BTC's adherence to a historical pattern. The tweet suggested that, in its past cycles, BTC consistently achieved new heights following the commencement of its third parabolic growth phase.
Such instances occurred in the years 2013, 2017, and most recently, 2021. Presently, BTC has hit a support level, potentially kicking off its third upward movement.
Thereby, the current bullish trend could catapult BTC to unprecedented highs in the forthcoming months.
Potential for Bitcoin to hit a new ATH by 2024
CryptoQuant’s data reveals that Bitcoin’s exchange reserve has dipped to lows last seen in 2018. This significant drop in exchange reserves suggests a growing buying pressure on the cryptocurrency, a decidedly bullish indicator.
Moreover, the activity of long-term holders in the past week has been below average, revealing their inclination to retain their holdings.
Conversely, the aSORP metric is revealing that a larger number of investors are liquidating their holdings for profit. Such behavior, amidst a bull market, might hint at an approaching market peak.
The MACD technical indicator suggests a brewing battle as the bulls strive to overtake the bears.
Meanwhile, the CMF is hinting at a bullish domination on the rise. However, the Money Flow Index (MFI) indicates a period of stagnation ahead, with a few sluggish days in store.
