The post Bitcoin Price Analysis: Why Experts Are Eyeing a Potential Upswing appeared first on Coinpedia Fintech News
There is a strong expectation in the crypto community that the price of Bitcoin would witness a strong upward momentum in the near future. An analysis done by crypto researcher Axel Adler Jr., using the BTC Long-Term Holders Exchange Inflow Analysis chart, provides compelling insights into this expectation. His Bitcoin price analysis presents a strong reason why the anticipation of a bullish future for BTC is not baseless. This aligns with broader Bitcoin price predictions suggesting potential significant gains.
BTC LTH Exchange Inflow Analysis: What It Conveys
In a recent post shared by Adler in X, he has shared the observation about the future growth potential of the price of Bitcoin.
He has pointed out the lack of interest of long-term holders of BTC to move to exchanges. At present, the amount of BTC being moved by LTH to exchanges is just 0.6% of the total volume. He has observed the occurrence of a similar situation at least 12 times in the past. His analysis has identified a positive impact on Bitcoin’s price in at least 8 of the 12 past scenarios. Also, his post has discussed the four different occasions when the price has shown opposite results.
The analysis made by Adler does propose a chance for the price of Bitcoin to start a bullish momentum in the near future, it does not rule out completely the possibility for the occurrence of a downtrend. The analysis gives importance to both these market speculations but gives a slight edge to the former considering the market precedents.
Bitcoin Price Momentum: A General Analysis
The price of Bitcoin is right now just $59,414.15. Since mid-March, after the price of BTC reached the yearly peak of $73,000, the strength of the BTC price has fallen. This month, August, 2024, it dropped even below the previous month’s lowest of $55,844, to $54,031. Though in the last month the market raised steeply between July 8th and July 21, in which the price was lifted from $55,801 to $68,109, this month between August 2 and August 5, the market experienced a steep fall, from $65,302 to the lowest point of $54,031. Till now, the market has not yet recovered from the impact of the fall, albeit its recent attempts on August 8 and August 23 to push the price higher.
In the last 30-days alone, the market has seen a fall of 10.1%. The market has experienced a 7-day decline of 2.7% and a 24-hour drop of 1.5%, indicating that no clear sign of market reversal has emerged in the chart yet
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