Bitcoin, the dominant cryptocurrency, has been showing unpredictable performance as of late. Despite reaching over $71,000 last week, it faced a decline after strong US employment data. However, a recent analysis by Markus Thielen, the founder of 10X Research, suggests that Bitcoin might be poised for a significant uptrend.
Thielen, known for his accurate predictions and analyses, highlighted the trend of investors accumulating BTC in his latest report. He pointed out that nearly 100,000 Bitcoins, valued at around $6.75 billion, were withdrawn from cryptocurrency exchanges last month, indicating a potential bullish sentiment among investors.
The majority of these withdrawals were from two major US platforms, Kraken and Coinbase. Approximately 55,000 Bitcoins, worth $3.8 billion, were taken out from Kraken, while 24,000 Bitcoins, valued at $1.7 billion, were withdrawn from Coinbase. Thielen explained that such large-scale withdrawals typically suggest that investors intend to hold on to their BTC instead of selling them in the near future, potentially leading to a decrease in supply on exchanges and a subsequent price increase if demand remains steady or rises.
As of the time of writing, Bitcoin is trading at $69,380. It’s important to note that this information is not investment advice. For those interested in investing in over 300 cryptocurrencies, registering with Binance exchange through this link offers a 20% commission discount. For more exclusive news, analytics, and on-chain data, follow our Telegram and Twitter accounts.
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