After a 4 week surge in BTC balances on Exchanges, the total is dropping again
The trend we have seen in place for over a year now took a brief hiatus the last few weeks.
Specifically the last 4 weeks.
Over the last 4 weeks we saw the BTC balance on Exchanges start going up for the first time in roughly a year.
Ironically enough this also just so happened to be about the same time period that bitcoin has been getting weaker and weaker...
Coincidence?
Hardly.
Anyways, the brief 4 week trend appears to be reversing as the supply on Exchanges is now falling again:
(Source: https://twitter.com/BTC_Archive/status/1395457384097722368/photo/1)
This actually makes me think the lows are probably in.
We had the freak-out where everyone that wanted out, go out.
Now we can get back to the business of institutions accumulating and moving to cold storage.
Nothing has changed medium term and I fully expect the price to go north of $100k by the end of this year and possibly by the end of July.
This was the last great buying opportunity of this bull market cycle.
Hope you took advantage.
Will btc price crush more???
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Not by much. You should be fine as long as you aren't using high leverages, or you bought at low enough point like 33k.
Personally, I exchanged at 57k in favour of more promising cryptos, though I'd be hodling if I was in at this point
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