Bitcoin’s price has been on a tear lately, and this is causing a big shift in how people are holding their Bitcoin.
Bitcoin Exits Exchanges
A recent report shows that the amount of Bitcoin held on cryptocurrency exchanges has dropped to its lowest level in years. This happened at the same time Bitcoin’s price started to rise. This massive decrease, reported by IC News on X (formerly Twitter), has some people thinking there might be a Bitcoin shortage coming.
Why the drop? It seems like people are moving their Bitcoin off exchanges and into their own wallets. This suggests they believe in Bitcoin’s long-term potential and are willing to hold onto it for the long haul. The total amount of Bitcoin on exchanges is now below 2.8 million – the lowest since 2018! This represents a significant outflow of 55,000 BTC. This move is happening alongside increased activity on the Bitcoin network, suggesting a lot of buying and holding. Plus, people are losing trust in centralized exchanges, preferring to take control of their own crypto.
This decrease in exchange reserves (about 1.53% over the past week and 0.61% in the last 24 hours) is a big deal. Less Bitcoin on exchanges usually means less available to sell, which can push prices higher. Everyone’s watching this closely to see how it affects the price.
Could Bitcoin Hit $200,000?
With all the positive news around Bitcoin, some experts are predicting some seriously big price increases. Titan of Crypto, for example, thinks Bitcoin could hit $200,000 during this bull market. They base this prediction on a technical analysis pattern called an “Ascending Channel.” They believe that Bitcoin breaking above a key level in this pattern signals a major price surge could be on the way. While they admit it’s ambitious, the possibility of a $200,000 Bitcoin is definitely on the table.
