The post Bitcoin On-Chain Data Signals BTC Price Nears Next Bull Run appeared on BitcoinEthereumNews.com.

Bitcoin reserves on crypto exchanges have been steadily declining, a trend that market analysts often associate with a potential upward movement in the asset’s price. As more investors move their Bitcoin holdings from exchanges to cold storage, the available supply in the open market decreases. Historically, such movements in Bitcoin reserves have been linked to subsequent price rallies, raising expectations for a similar scenario in the near future. Bitcoin Reserves Decline Amid Expected CPI Impact on BTC Price According to data from CryptoQuant, a leading blockchain analytics firm, Bitcoin reserves on exchanges have been shrinking over the past few months. This trend points to a reduction in selling pressure as more investors move their assets into cold storage, making them unavailable for immediate trading. Meanwhile, Stablecoin reserves on exchanges are climbing. Stablecoin balances represent readily available capital for investors looking to make purchases at the right time. The growing amount of crypto-backed currency on exchanges suggests that traders are preparing to deploy this capital once market conditions seem favorable. Courtesy: CryptoQuant Concurrently, today, the release of the U.S. Consumer Price Index (CPI) data is expected to have a substantial impact on the Bitcoin market. Crypto analyst Michael van de Poppe has shared his perspective on the outcomes. He emphasized that the CPI figures could lead to a major shift in Bitcoin price trajectory.  Despite a slight pullback today, Van de Poppe views this as a normal correction before CPI is revealed. He anticipates a rally if Bitcoin holds its ground around the $55K to $56K leading up to the announcement. However, the analyst cautions that if the data presents a negative economic outlook, it could trigger a deeper decline. This could push Bitcoin price down to $53,000, or potentially as low as $49,000. Michael van de Poppe Analysts are forecasting…

---

Filed under: News - @ September 11, 2024 2:20 pm