Investors are switching to the “hodl” mode. Last time, when so many Bitcoins were withdrawn from the exchanges, the price increased by 88 percent. If this pattern repeats, the main cryptocurrency exchange rate will reach USD 18,000 by the end of August.
Bitcoin and its supply on the market
On June 8, as many as 27,000 Bitcoins (BTC) were withdrawn from the stock exchanges than they were deposited on them. Last time, when there was such a significant outflow of funds from trading platforms, Bitcoin gained in value by 88 percent.
It is worth noting, however, that this tendency to withdraw cryptocurrency assets from centralized exchanges has gained momentum since Black Thursday, i.e. the night of March 12 – 13, when the last big crash on the market took place. What does it mean?
On March 19, users withdrew 31,000 BTC (USD 198 million) from the market, followed by March 24, another 27,000 BTC (USD 180 million). The price of Bitcoin on March 18 was USD 5,238. By May 7, it had reached $ 9,892.
This shows that the number of breeders, i.e. people who buy BTC for a longer period, is growing. This somewhat reduces the supply of cryptocurrencies in circulation, and thus can lead to a price jump. If the trend were the opposite, it would show that investors are expecting price drops and see no sense in long-term breeding. It was a strong bearish signal.
However, if we were to follow the same pattern as before, the price of Bitcoin would reach the level of 18,000 USD by the end of July. This would be in line with recent Bloomberg predictions.
However, we should remember that the market and the price of BTC are also influenced by many other factors. You can find our last course analysis here. More and more bullish signals also appear in the context of the ETH price.
Current course You can always check Bitcoin and other cryptocurrencies in the tabs: course Bitcoin and cryptocurrency exchange rate on Bitcoin.pl. A place where you can buy Bitcoin and other kryptowaluty, include cryptocurrency exchange BitBay.net. If you don’t have a BitBay account yet, this article will show you how to create one efficiently: LINK.