- Binance BTC reserve has dropped from over 630K BTC to 579K in four months.
- Can BTC climb above $105K amid looming demand shock?
As a seasoned crypto investor with a decade of experience under my belt, I find the recent trends in Binance’s BTC reserve quite intriguing. The drop from over 630K BTC to nearly 580K BTC in just four months is a clear indication that more investors are taking their Bitcoins off the exchange for self-custody, which historically has been a positive sign for the asset’s price rally.
The Bitcoin (BTC) reserve on Binance exchange has fallen to levels last seen in January 2024, a development which a CryptoQuant analyst views as a promising sign for the cryptocurrency’s future value in the long run.
Since August, the Binance reserve has declined from 630K BTC to nearly 580K BTC.
Back in January, when U.S. Bitcoin Exchange-Traded Funds were about to debut, these reduced levels were observed by an anonymous analyst known as Dark Fost. This timing coincided with a substantial 90% increase in BTC price, triggered by the launch of the ETFs.
Bitcoin: More rally or price range?
Due to a decrease in available Bitcoins on Binance, there has been an increase in users transferring their BTC for personal storage, which could signal an upcoming rise in Bitcoin prices.
Fost added that the outflows reinforced BTC’s positive long-term prospect.
It’s worth noting that as Bitcoin (BTC) reached its all-time high of $108K, there was a corresponding decrease in BTC reserves held on the Binance exchange during the period from August to December.
Now that Christmas has passed and attention is turning towards the Trump inauguration, let’s consider what may happen next with Bitcoin.
As an analyst, I foresee Bitcoin (BTC) maintaining its range within approximately $94,000 and $105,000 for the near future. A possible breakout of this range may occur post-holiday season.
This week’s projected Bitcoin (BTC) price fluctuation ranges from around $94,000 to $105,000. After Christmas, it’s anticipated that the price will surpass $105,000.
Over the past few days since Christmas Eve, there have been repeated attempts by Bitcoin (BTC) to reach the $100,000 mark, which has sparked a surge of optimistic predictions for it to hit $110,000 in the near future.
However, Santiment warns that an unexpected surge to around $110K might occur when it’s least expected, as per their analysis.
Currently, traders are becoming optimistic once more, fueled by widespread conjecture about Bitcoin reaching $110,000. Historically, such a high price for Bitcoin tends to occur when the public is not anticipating it, as illustrated in this visual representation.
As of writing, BTC was valued at $97.8K, about 10% away from its all-time high of $108.3K.
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2024-12-26 18:15