Is optimism around Bitcoin [BTC] and its holders seeing a solid foundation despite the daunting bear? Well, it certainly looks like the case. The overall supply on exchanges has dropped to extreme lows, as per data from Santiment. Here, it’s worth noting that the drop came at a time of wide-market sell-offs.
Here’s AMBCrypto’s Price Prediction for Bitcoin [BTC] for 2023-24
Smiling through the pain
Bitcoin [BTC], the world’s largest crypto, despite the struggle, continued to witness more gains above the $19,000-level. At the time of writing, BTC was trading around the $19.6k-mark after flashing a 3% hike on the price charts. Simply put, it was all green for BTC, both on the price and supply front.
In fact, BTC’s supply on exchanges fell to another four year low, thereby reducing further market-wide sell-off risks.
The chart attached herein can be observed to assess this ‘improving’ scenario. BTC continued to see its supply move away from exchanges as traders showed further signs of being content with their current holdings.
It was in light of the aforementioned finding that Santiment added,
“With less than 9% of BTC on exchanges for the first time since 2018, it is a good bode of confidence for bulls.”
This indeed would support bullish momentum for the king coin and its respective holders. Additionally, money leaving cryptocurrency exchanges also seemed to have deteriorated. According to data from Bloomberg, money flowing out of crypto exchange-traded funds slowed down by 97% in Q3 compared to Q2.
How were holders feeling about it, you ask?
Well, most Bitcoin investors remained unaffected by the consequences of the economic outlook and bet big on the future rally of BTC. Yes, the pace did take a hit, but the aim remained the same.
Source: Glassnode
Also, according to Glassnode, BTC holders remained within the range of 800 million to 1 billion to rise even higher. But again, they waited for the right triggers.
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Needless to say, on the back of every possible scenario being discussed, crypto-Twitter emerged to be more vocal than ever.
For instance, one proponent sought to look at the development with a macro-level lens. The user tweeted,
“October has typically seen the third-highest average monthly returns, behind April and November. Notably, the worst month for BTC has historically been September.”
Another popular cryptocurrency analyst revealed that the flagship cryptocurrency could “easily” get to the $25,000-mark this month based on historical returns.
Having said that, one shouldn’t forget about the looming bear within the crypto-market. Especially since the Fear and Greed Index was flashing “EXTREME FEAR” at press time.
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