Bitcoin Exchange Supply Hits Six-Year Low Amid $130,000 Price Target
Bitcoin Supply on Exchanges Hits Six-Year Low
- Bitcoin supply on exchanges has declined to 2.8 million BTC, the lowest level since June 2019.
- This suggests investors are accumulating Bitcoin at an accelerated rate.
- CryptoQuant data shows an even lower reserve of 2.5 million BTC on exchanges.
- The decrease in exchange reserves is often a precursor to a supply squeeze, potentially driving up prices.
Market Trends and Institutional Involvement
- Institutional demand for Bitcoin is increasing, with Bitcoin ETFs recording $3.2 billion in weekly inflows last week.
- Bitcoin is being viewed as a safe-haven asset amid economic uncertainties such as the U.S. government shutdown.
- BTC price has increased by 9% this month, reaching multiple all-time highs during the 'Uptober' rally.
- Bitcoin price recently topped $126,000, with speculation it could soon hit $130,000 due to strong ETF inflows.
Price Forecasts and Analyst Opinions
- Analyst Titan of Crypto predicts a new all-time high above $130,000, supported by bullish MACD trends.
- If Bitcoin breaks past $130,000, further growth to $140,000 is possible.
- Analyst Mikybull Crypto identifies resistance at current levels but foresees potential gains up to $150,000 if breached.
At present, Bitcoin is trading around $124,500, reflecting recent upward movements.