Bitcoin Deposits Hit Historic Low – Is A Bull Run Coming?
BULLISH
BTC
WOULD
As bitcoin advances toward $100,000, on-chain data reveals a change in investor behavior. We deliver all the details in the following paragraphs!
In brief
- Bitcoin reaches $97,000 while deposits on exchanges drop to a record low.
- Technical and macroeconomic indicators suggest a high probability of a rise toward a new ATH.
Historic drop in bitcoin deposits on crypto exchanges
According to a CryptoQuant analyst, the number of BTC addresses sending funds to crypto exchange platforms has fallen to its lowest level since 2017. This decline suggests a clear intent from holders to keep their bitcoin. Perhaps they anticipate a strong short-term rise!
Decoding: bitcoin holders seem to refuse to sell, preferring to bet on future appreciation.
The evolution of the economic cycle and the expected decisions from the FED could strengthen this trend. A drop in interest rates (as speculated by some crypto analysts) would indeed favor risk assets like BTC. And not only that! It would also reduce the yields of traditional fixed-income products, pushing more investments toward cryptocurrencies.
Bitcoin: a bullish signal confirmed by technical analysis?
The BTC price recently crossed the $97,000 mark. It has thus reached its highest level since February. According to Ali Martinez, the next crucial threshold is at $97,530. A clean breakthrough would strengthen the momentum toward a new ATH, the last being at $108,786.
On his side, Titan of Crypto highlights that bitcoin shows a strong bullish monthly candle. He supports that the leading crypto is trading above several Ichimoku cloud technical indicators. These signals back a favorable outlook for the coming weeks. Analyst Burak Kesmeci even mentions a target of $124,000, based on the golden ratio model.
Faced with this momentum, the crypto market anticipates a gradual rise. This would be fueled by:
- a decrease in inflation;
- a return of liquidity to the financial markets.
The potential return on bitcoin thus becomes attractive again for crypto investors.
The combination of on-chain, technical, and macroeconomic signals creates a fertile ground for a new bitcoin surge. The coming days prove crucial to confirm this trend!
