The decline in the number of Bitcoins on various exchanges is good news for Bitcoin holders who hope for a bullish rebound. BTC spot applications are frequently reported, and the halving is approaching
The decline in the number of Bitcoins on various exchanges is good news for Bitcoin holders who hope for a bullish rebound. BTC spot applications are frequently reported, and the halving is approaching. Is 2024 the year of the king's coin?
- With increasing hopes of a long-term rebound, Bitcoin holdings continue to exist.
- In 2024, the situation of BTC holders may be better
It can be said that Bitcoin [BTC] holders are ecstatic, or at least hope that the latest rebound can fly to the moon. Common phrases used for maximizing returns. Considering that the bulls have been trying to understand the market for about three months, this rebound is a refreshing transformation.
A loud bang has returned!!!
BTC bulls are fully returning. The evidence to prove this is the strong rise of the king's coin. The next few months, especially 2024, may become interesting. Therefore, evaluating how BTC lays the foundation for the future is very important.
Glassnode's recent evaluation of the status of Bitcoin shows that hoarding behavior is intensifying. Over the past 10 years, over 600000 BTCs have been in a dormant state. This is important because its quantity is higher than the available BTCs on the exchange. The impact of this result is obvious.
The decrease in the number of Bitcoins on the exchange means that the base price of cryptocurrencies is rising. This also means that prices have become more sensitive to liquidity. This situation may lead to a bullish spiral.
Especially if we consider external developments such as inflation and the threat of economic collapse, this makes Bitcoin more important as a substitute than ever before.
As investors' hopes for the next significant increase grow, bulls are embracing greed
There are still about two months until the end of 2023, and the growing optimism of Bitcoin is particularly evident. Many traders realize that 2024 may be the year for Bitcoin to truly take off, especially due to ETFs and the next halving.
As shown by Bitcoin's fear and greed index, the concentration of events may be the reason for the current increase in confidence levels.
Although the increase in confidence can be seen as a good thing, it is worth noting that the market is still affected by fluctuations. Unexpected callbacks are inevitable during this process.
Although the hope for recovery remains high, the situation in the traditional financial sector may also outline a strong future for Bitcoin. At present, the world is struggling with inflation, while the West is striving to maintain economic operation.
As confidence in TradFi weakens, more and more people are beginning to realize the potential dark economic period in the future. Because of this, many people see Bitcoin as a safe haven when TradFi ultimately collapses.
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