Bitcoin: Here’s the Case for an Early Christmas in October for BTC Holders
Is optimism around Bitcoin [BTC] and its holders see a solid foundation despite the frightening bear? Well, that certainly looks like the case. The total supply on exchanges has fallen to extreme lows, according to data from Sentiment. Here it is worth noting that the decline came at a time of large selling of markets.
Here is AMBCrypto’s price estimate for Bitcoin [BTC] for 2023-24
Smiling through the pain
Bitcoin [BTC], the world’s largest crypto, despite the struggle, continued to see more gains above the $19,000 level. At the time of writing, BTC was trading around the $19.6k mark after flashing a 3% gain on the price charts. Simply put, everything was green for BTC, both on the price and supply front.
In fact, BTC’s supply on exchanges fell to another four-year low, further reducing market-wide selling risk.
The diagram attached here can be observed to assess this “improving” scenario. BTC continued to see its supply move away from exchanges as traders showed further signs of being satisfied with their current holdings.
Source: Sentiment
It was in light of the aforementioned finding that Santiment added,
“With less than 9% of BTC on exchanges for the first time since 2018, there is good confidence for bulls.”
This would actually support bullish momentum for the royal coin and its respective holders. In addition, money leaving cryptocurrency exchanges also appeared to have worsened. According to data from Bloomberg, money flowing out of crypto exchange-traded funds was down 97% in Q3 compared to Q2.
How did the proprietors feel, you ask?
Well, most Bitcoin investors remained unfazed by the consequences of the economic outlook and bet big on the future rally of BTC. Yes, the pace took a hit, but the goal remained the same.
Source: Glassnode
Also, according to Glassnode, BTC holders stayed within the range of 800 million to 1 billion to rise even higher. But again, they were waiting for the right triggers.
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Needless to say, on the back of all the possible scenarios that were discussed, crypto Twitter proved to be more vocal than ever.
For example, one advocate attempted to look at developments with a macro-level lens. The user tweeted,
“October has typically seen the third highest average monthly return, behind April and November. In particular, the worst month for BTC historically has been September.”
Another popular cryptocurrency analyst revealed that the flagship cryptocurrency could “easily” reach the $25,000 mark this month based on historical returns.
Having said that, one should not forget the looming bear in the crypto market. Especially since the Fear and Greed Index was flashing “EXTREME FEAR” at press time.
