In terms of demand, bullish expectations surrounding Bitcoin may trigger favorable reactions. Many traders may wish to purchase some Bitcoin at a discounted price before increasing demand and raising the reserve price
In terms of demand, bullish expectations surrounding Bitcoin may trigger favorable reactions. Many traders may wish to purchase some Bitcoin at a discounted price before increasing demand and raising the reserve price.
- The latest trading outflow from Bitcoin has reignited hopes for a long-term bullish trend.
- Assess whether the market will shift from short-term profit taking to long-term outlook.
As the approval of Bitcoin ETFs approaches and the next Bitcoin halving approaches, people cannot help but wonder when the next BTC rebound will begin. The reality is that this may be earlier than expected.
The reality of the market is that it is approaching a stage where Bitcoin holders may become impatient. This is because the market operates in a cycle, and the latest cycle has been bearish. But even a bear market must ultimately give way to the next bull market stage. Considering various factors that may be related to demand shocks, 2024 may be a bull market year.
In terms of demand, bullish expectations may trigger favorable reactions. Many traders may wish to purchase some Bitcoin at a discounted price before increasing demand and raising the reserve price. Recent data suggests that this situation may have already occurred.
Bitmex just hit its second highest Bitcoin outflow earlier this week. CryptoQuant pseudonym Joaowedson analyst has issued this statement regarding this progress. Therefore, this indicates that the outflow of funds represents the footprint of institutional investors.
The large-scale withdrawal of Bitcoin from Bitmex has attracted the attention of market observers as it indicates a significant change in the landscape. Such a large number of Bitcoin transactions are usually related to large financial institutions and institutional investors
The market may still be in a short-term profit taking mood
Although the recent surge in Bitcoin outflows may give the impression that a long-term rebound has begun, this may be another false positive. This is especially true if cryptocurrency cannot sustain long-term demand. Although a surge in Bitcoin transaction traffic has been observed, it is worth noting that there has also been an increase in transaction inflows to the market.
The surge in foreign exchange inflows may have offset most of the purchasing pressure. This may explain why Bitcoin did not maintain the same rebound we observed on the day of the surge. In addition, this may also mean that selling pressure may still be directed towards short-term profit taking.
The whale activity also shows some interesting things about the current situation of BTC. Over the past four weeks, addresses holding over 1000 and 10000BTC have been intensifying selling pressure.
Although short-term traders may still be active, the idea that Bitcoin is about to shift to long-term focus remains active. Another analyst under the pseudonym CryptoQuantBaroVirtual represents that Bitcoin's fifthThe second major bullish rebound may begin within the next two months.
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