Bitcoin Price Prediction: Bullish Outlook for BTC as Exchange Balances Hit Five-Year Low
Bitcoin’s exchange balances have reached their lowest level since March 2018, falling below 2.3 million BTC. This significant decrease is primarily due to major outflows from Binance and Coinbase, indicating a shift towards long-term holding strategies. As prominent holders transfer their assets to private wallets, it suggests that they are anticipating future price increases.
This development has prompted a bullish outlook for Bitcoin, with investors speculating on the potential for significant gains in the near future.
Bitcoin Exchange Balances Hit Five-Year Low as Major Outflows Occur
The balances of Bitcoin on exchanges have dropped to their lowest point in five years, falling below 2.3 million BTC. This decline is driven by substantial outflows from major exchanges such as Binance and Coinbase, suggesting a shift towards long-term holding strategies.
Over the past year, Binance, which holds the largest Bitcoin reserves, has experienced significant withdrawals. Similarly, Coinbase saw one of the largest outflows in 2024, with nearly 16,000 BTC moved in a single day.
This trend indicates that large holders, known as “whales,” are transferring their assets to private wallets in anticipation of future price increases.
Bitcoin (BTC/USD) Technical Outlook: June 2, 2024
Currently, Bitcoin is priced at $67,731 on the 4-hour chart. The pivot point, indicated by the green line, is set at $68,000, suggesting a bearish Bitcoin price prediction as long as BTC remains below this level.
Immediate resistance levels are identified at $69,000, $70,600, and $71,000. On the downside, immediate support is at $66,650, followed by $65,950 and $65,150.
The RSI is at 46.62, indicating a neutral trend, while the 50-day Exponential Moving Average (EMA) is $68,000, aligning with the pivot point. The upward trendline supports Bitcoin near $66,650, reinforced by a double bottom pattern.
A double bottom pattern can typically trigger a bullish bounce, as evidenced by Bitcoin’s stability around the $67,750 level.
However, both the 50-day EMA and the Relative Strength Index (RSI) are currently bearish, causing Bitcoin to struggle in surpassing the $67,800 level. The formation of doji and spinning top candles suggests market exhaustion, with investors waiting for a clear direction.
For now, it is crucial to monitor the pivot point at $68,000. A drop below this level indicates a likely continuation of the bearish trend. Conversely, a break above this pivot point could signal an opportunity for a bullish movement.
In conclusion, consider buying Bitcoin above $68,000 for potential gains, while a fall below this level may indicate a bearish trend.
Bitcoin Price Prediction 2024 – 2034
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