Bitcoin shows potential for a new bull run as significant accumulation occurs from whales and long-term holders, with over $16 billion withdrawn from exchanges last week. Swissblock highlights a pattern similar to last year’s Q4, suggesting reduced selling pressure and a potential rise in BTC values, contingent on breaking crucial price points.
Bitcoin appears poised for an upswing as several on-chain indicators turn positive, according to Swissblock, a prominent analytics firm. They reported on X that significant amounts of Bitcoin are leaving exchanges, hinting at the potential for a fresh bull run. This trend resembles the activity from last year’s Q4, when BTC skyrocketed to its previous all-time high of $110,000.
“Exchanges are starting to dry up,” Swissblock noted. They observed a steep increase in Bitcoin outflows that could reduce selling pressure, indicating that investors may be adopting a long-term perspective. The firm urged investors to prepare for what they believe is the calm before the storm.
Last week saw a remarkable $16.16 billion worth of Bitcoin removed from exchanges, with both large-scale investors, known as whales, and long-term holders ramping up their purchases. This shift in market sentiment, the firm pointed out, was unprecedented. A total of 172,000 BTC flowed out of exchanges, signalling a substantial accumulation effort.
Long-term holders are generally defined as those who have retained their Bitcoin for more than 155 days. Swissblock also indicated that for Bitcoin to gain momentum, it will need to break through the $95,000 price point. However, they suggested that it might first pull back to around $89,000 for a brief pause before continuing its ascent. At present, Bitcoin is trading at approximately $93,964.
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