Despite this trend, on-chain data analytics provider CryptoQuant has revealed a significant increase in BTC buying momentum, resulting in the Bitcoin balances on various exchanges dropping to six-year lows. Related Reading: Injective (INJ) Down 20% As Market Retracement Forces Sell-Off Bitcoin Reserve On Exchanges Sees Sharp Plunge With ongoing market volatility and the recent decline in Bitcoin, on-chain data has identified a significant shift in the cryptocurrency’s market activity.
The analyst revealed that this bull flag had formed over the last seven months, signaling a potential for a price increase in the future. Related Reading: Market Signals Hint At Bitcoin’s Potential Fall To $52,000—Analyst Sharing a video representation of his Bitcoin chart analysis, the analyst disclosed that if the price of BTC can break above the $66,000 resistance level, it could skyrocket to new all-time highs around $80,000 to $90,000.
CryptoQuant also disclosed that if this increase in demand continues, the price of Bitcoin may appreciate further. Analyst Stays Bullish On BTC, Predicts $100,000 Surge A popular crypto analyst, known as The Bitcoin Therapist’ on X (formerly Twitter) has uncovered a massive bull flag in Bitcoin’s price chart.
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