Bitcoin (BTC) has risen above $38,000 as trust in exchanges continues to decline following incidents such as the collapse of FTX and Binance’s legal troubles, with Bitcoin’s supply on exchanges falling to 5.38% , the lowest level since December 2017.
The trend towards BTC self-custody is seen as bullish, causing Bitcoin to surge by 130% since the beginning of the year.
Analyst PlanB predicts that Bitcoin will reach $65,000 after the 2024 halving and surge to $524,000 by 2027, predicting that the bull cycle will be stronger than in 2021.
Bitcoin self-custody continues to grow
Bitcoin’s recent upward price trend above $38,000 coincides with another interesting development surrounding the major cryptocurrency. According to data from Sentiment, Bitcoin’s supply on exchanges has plummeted to 5.38%. The last time such low levels were observed was in December 2017.
The above trends may be a result of the reputational damage of cryptocurrency exchanges. If you think about it, several markets have collapsed over the past few years, with FTX being the most obvious example. The trading venue, formerly led by the notorious Sam Bankman-Fried, filed for bankruptcy in 2022, causing investors to lose billions of dollars.
Recently, Binance, the world's largest cryptocurrency exchange, was also shaken after it settled money laundering charges from the U.S. Department of Justice and agreed to pay a hefty $4.3 billion fine. On top of that, its former CEO CZ(CZ) left and was replaced by Richard Teng.
A move to a self-custody method is generally considered a bullish move because it reduces immediate selling pressure.
This leading digital asset is indeed on a significant upward trend, up 130% since the beginning of the year. Those who want to know how high its price will go in the future (according to famous figures) can watch our video below:
A super bullish Bitcoin prediction
Some cryptocurrency analysts have made quite optimistic predictions for Bitcoin. X (Twitter) User PlanB recently claimed that BTC could surge to $65,000 shortly after the next halving, scheduled for spring 2024.
Furthermore, analysts believe that BTC could explode to a staggering $524,000 by 2027. PlanB believes the next potential bull cycle will be more explosive than the 2021 bull cycle (which was largely driven by the COVID-19 pandemic and rapid inflation across the planet).
The article This Has Never Happened to Bitcoin (BTC) in Six Years appeared first on CryptoPotato.
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