What Does the Next BTC Move Mean
Contributor
- Massive movement of BTC into long-term storage.
- Open interest and technical indicators are bullish on Bitcoin.
The uptrend in Bitcoin (BTC) continues, with the price recently hitting $64,000 before a slight drop to $63,700. This decrease is temporary as BTC is poised for further gains once the decline is complete.
A major factor driving Bitcoin’s price higher is the withdrawal of 210,000 BTC from exchanges since the start of the year.
This trend suggests that BTC hodlers are increasingly withdrawing their assets from exchanges for long-term storage, reducing selling pressure in the market and setting the stage for higher prices, likely in Q4 2024.
Source: Coinglass
History of Bitcoin’s Falling Wedge Pattern
Bitcoin’s historical price patterns also support the bullish forecast. Since its launch in 2009, Bitcoin has repeatedly formed a falling wedge pattern, which usually precedes a strong upward move.
This Bitcoin pattern [BTC] developed between 2021 and 2023 and resulted in a sharp bullish wave after a consolidation phase.
Source : TrackingView p >
Bicoin MVRV price bands with extreme deviation
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Another key factor affecting Bitcoins potential to rise is MVRV (market value to realized value) Price bands.
A signifficant resistance level at $67;300
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Image source : instagramm soodas
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