In recent weeks, the price of Bitcoin has shown significant upside movement, leading to a notable decrease in BTC balances held on cryptocurrency exchanges.
Bitcoin Holders Adopting A Different Approach
Recent reports indicate a steep decline in Bitcoin's exchange balance to its lowest levels in years, coinciding with heightened market momentum. IC News reported this development on the X (formerly Twitter) platform. This decrease has sparked supply squeeze speculations, creating optimism among investors. They are opting to store their coins in private wallets, reflecting confidence in BTC's long-term growth potential.
Market Impact and Price Implications
Bitcoin's overall exchange balance has dropped below 2.8 million BTC, marking its lowest level since 2018. IC News highlighted that this outflow of 55,000 BTC aligns with increased on-chain activity, indicating accumulation. Rising demand for self-custody has also led to speculation that fewer BTC on platforms could impact its future price.
Experts Predict $200,000 Price?
Several positive developments around Bitcoin and its price could lead to significant gains in the coming months. Expert Titan of Crypto predicts BTC's price could reach $200,000 in this bull cycle, based on a key breakout from an ascending channel formation. "It might sound ambitious, and I’m not betting on it, but $200,000 could be in play this cycle," he stated.
Investors and experts continue to monitor changes in the Bitcoin market, speculating that its scarcity on exchanges may drive up prices.
