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Bitcoin (BTC) price lingers at $62,000, with the daily low recently seen at $61,473. The situation has become quite familiar for altcoins. Will the expected rise in cryptocurrency markets begin? Some cryptocurrencies have not experienced alarming declines, indicating that the recent BTC sell-offs might be different this time. There’s more to it.
Will Cryptocurrencies Rise?
Recent exchange data suggests that the latest fluctuation in Bitcoin price might have initiated a rebound from the bottom. Although demand remains weak at high levels, the proportion of those buying the dip is increasing. According to CryptoQuant data, August 27 saw the third-largest net outflow from exchanges. This recent supply increase is encouraging.
On July 5 and 16, there were outflows of 52,000 and 68,500 BTC, respectively. The third-largest outflow was 45,000 BTC. Amr Taha addressed this issue in his latest market assessment.
“Large negative net flows typically indicate that investors are transferring their Bitcoins off exchanges to potentially hold them long-term, thereby potentially reducing selling pressure in the market, which usually signals a bullish trend.”
On January 1, 2024, the total amount of BTC on exchanges was around 3 million 11 thousand, but today it has dropped to 2.633 million. A 12.5% annual decrease in exchange supply is extremely positive.
BTC Price Prediction
Despite positive on-chain signals, the short-term BTC price outlook is not very promising. Struggling to surpass even $65,000, the price has weakened significantly amid sales from Binance customers. Although it has increased by around 40% from the August low, Bitcoin now faces a tough challenge.
The key point to watch is $61,700, and the price is now just above this level. Cryptocurrency analyst Justin Bennett mentions that BTC faces the risk of dropping to $53,000.
“A clean + failure at $63,300 and a weekly imbalance that could act as a magnet at $53,000. The trigger is $61,700. Let’s see.”
The third-quarter performance is historically the weakest period of the year, and the BTC chart confirms this. If history repeats itself, we may not see a significant rise until the end of September.
