Bitcoin has remained below the important psychological barrier of $100,000 since the 19th. The market is concerned about when Bitcoin will be able to return to this level, and now there are signs of optimism. CryptoQuant analyst published an article today stating that the Bitcoin taker buy volume on Binance has reached $83 billion, and since October 28, the taker buy volume has been forming higher lows:
This indicates that investor interest is increasing and buying pressure is continuing to build. Although the market may see a correction due to overheating, the sustained increase in taker buy volume suggests that Bitcoin may rise in the coming days.
The analyst explained that the Binance taker buy volume refers to the total volume of buy transactions executed by takers on the exchange. Takers are market participants who buy at the current order book price, utilizing the existing market liquidity. An increase in this indicator usually suggests rising investor interest, stronger buying pressure, and robust market demand, which may lead to price appreciation.
It is worth noting that also released data yesterday indicating that Binance's Bitcoin reserves have recently fallen below 570,000 coins, reaching the lowest level since January this year. When exchange reserves decrease, it typically suggests that investors are transferring Bitcoin to cold wallets, indicating confidence in its long-term price trajectory.
Two months after Binance's Bitcoin reserves reached similar levels in January, the Bitcoin price soared 90% to $73,679, setting a new record high at the time. If Bitcoin follows the same pattern again, based on the current price, it could reach $187,500 in the coming months.
Multiple Risks Facing Bitcoin Bulls in 2025
However, Matrixport released its latest weekly report warning that the Bitcoin bull market in 2025 may face multiple potential risk factors. Firstly, BlackRock recently stated that the decentralized nature of the Bitcoin protocol may not fully guarantee the 21 million supply cap, which has sparked discussions, but must be viewed in the relevant context.
The latest developments, such as Google's announcement of its 105-qubit Willow quantum chip, have once again raised discussions about the potential long-term threat of quantum computing to Bitcoin security. Although these threats are still in the early stages and lack the scale and stability to directly undermine Bitcoin's cryptographic defenses, the theoretical risks are worth noting.
Additionally, the Federal Reserve has recently revised its inflation expectations upward, partly due to concerns about potential tariffs imposed by Trump. However, Matrixport believes that the actual impact may be limited, and inflation issues may not be significant next year, providing room for the Federal Reserve to maintain a dovish stance.
Matrixport further pointed out that historical data shows that Bitcoin bull markets tend to peak when regulatory pressure is at its highest. As regulatory issues, such as the approval of Bitcoin spot ETFs in the US, are gradually resolved, the risk of this bull market's end may be driven by other factors. After Trump's election, the Federal Reserve may adopt a more hawkish monetary policy, which will bring new uncertainties to the Bitcoin and cryptocurrency markets.
