Bitcoin Supply on Exchanges Hits Six-Year Low, Fuelling Bullish Sentiment
Bitcoin's supply on exchanges hits a six-year low, driving bullish sentiment. Long-term holders withdrawing from exchanges contrast with reduced BTC deposit transactions, indicating decreased selling pressure. The recent price recovery to $41,100 follows the Terra ecosystem collapse. Anticipation of a Bitcoin ETF approval in the U.S. adds to positive market sentiment. Analysts, including Willy Woo, share optimistic price predictions. Standard Chartered projects a significant surge, foreseeing a $120,000 BTC price by next year, surpassing their earlier $50,000 prediction for this year.