{"id":603599,"date":"2024-04-17T00:00:15","date_gmt":"2024-04-17T00:00:15","guid":{"rendered":"https:\/\/uniquehot.com\/?p=603599"},"modified":"2024-06-11T07:32:28","modified_gmt":"2024-06-11T07:32:28","slug":"is-bitcoin-about-to-skyrocket-bitfinex-analysts-spot","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/is-bitcoin-about-to-skyrocket-bitfinex-analysts-spot\/","title":{"rendered":"Is Bitcoin About To Skyrocket? Bitfinex Analysts Spot Familiar Patterns From December 2020"},"content":{"rendered":"

According to analysts at Bitfinex, Bitcoin and its recent activity on exchanges reflects a pattern reminiscent of December 2020, hinting at a possible growth phase.<\/p>\n

The exchange’s latest report<\/a> highlights a significant decline in the supply of Bitcoin held by long-term investors on centralized exchanges, reaching its lowest levels in 18 months.<\/p>\n

This trend, coupled with the forthcoming halving event, suggests a scenario conducive to further price appreciation, as stated by the analysts.<\/p>\n

Related Reading: Bitcoin Has Next Major Demand Zone At $56,000: Brace For Impact?<\/a><\/div>\n

Potential Growth On The Horizon<\/h2>\n

The Bitfinex Alpha report underscores the diminishing inactive<\/a> supply of Bitcoin, particularly those assets stagnant for over a year. This reduction implies that long-term holders either reduce their positions or transfer their assets off exchanges.<\/p>\n

\"Bitcoin
Bitcoin Exchange Supply. | Source: Bitfinex Alpha Report<\/a><\/figcaption><\/figure>\n

Such actions are fundamental to understanding Bitcoin’s price dynamics, especially as the halving event approaches.<\/p>\n

With an increasing number of BTC leaving centralized exchanges and a decrease in inactive supply, the market is primed for “potential growth,” according to Bitfinex analysts. They add that this mirrors the conditions observed before the significant market surge in December 2020.<\/p>\n

On a broader scale, data<\/a> from CryptoQuant corroborates Bitfinex’s observations, indicating a continuous decline in Bitcoin exchange reserves since July 2021. This decline, which has seen reserves plummet from 2.8 million to approximately 1.94 million, suggests a sustained trend<\/a> of Bitcoin leaving exchange wallets.<\/p>\n

Bitcoin Latest Price Action<\/h2>\n

Meanwhile, Bitcoin’s price performance has taken a downturn<\/a>, notably beginning late last week Friday and continuing throughout the weekend. The top crypto witnessed a significant decline, plummeting from above $70,000 to as low as $62,000.<\/p>\n

Notably, this downward trend has persisted over the past 24 hours, with the asset experiencing a decrease of 4.6% during this period and over 10% in the past week, leading to its current trading price of $62,034 at the time of writing.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Amidst these price movements, signs of panic have emerged within the Bitcoin market. Recent data from Whale Alert sheds light on a significant transfer involving 7,690 BTC, valued at $483 million, to Coinbase, the largest cryptocurrency exchange in the United States.<\/p>\n

\n

\ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 7,690 #BTC<\/a> (483,425,557 USD) transferred from unknown wallet to Coinbase Institutionalhttps:\/\/t.co\/olrmzaQdHx<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) April 16, 2024<\/a><\/p><\/blockquote>\n

While details about the origin of the address, “1Eob1,” remain undisclosed, it’s important to recognize that such transfers to exchanges often signal potential intentions to liquidate holdings. This occurrence typically suggests a readiness to sell off assets<\/a> within the crypto sphere.<\/p>\n

Related Reading: Bitcoin To Go \u2018Ballistic\u2019 After Halving, Says Top Analyst \u2013 Here\u2019s Why<\/a><\/div>\n

Furthermore, should the entity responsible for this transfer decide to sell off the entirety of the deposited BTC, it could potentially exert a notable influence<\/a> on the broader Bitcoin market.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

According to analysts at Bitfinex, Bitcoin and its recent activity on exchanges reflects a pattern reminiscent of December 2020, hinting at a possible growth phase. The exchange’s latest report highlights a significant decline in the supply of Bitcoin held by long-term investors on centralized exchanges, reaching its lowest levels in 18 months. This trend, coupled with the forthcoming halving event, suggests a scenario conducive to further price appreciation, as stated by the analysts. Related Reading: Bitcoin Has Next Major Demand Zone At $56,000: Brace For Impact? Potential Growth On The Horizon The Bitfinex Alpha report underscores the diminishing inactive supply of Bitcoin, particularly those assets stagnant for over a year. This reduction implies that long-term holders either reduce their positions or transfer their assets off exchanges. Such actions are fundamental to understanding Bitcoin’s price dynamics, especially as the halving event approaches. With an increasing number of BTC leaving centralized exchanges and a decrease in inactive supply, the market is primed for “potential growth,” according to Bitfinex analysts. They add that this mirrors the conditions observed before the significant market surge in December 2020. On a broader scale, data from CryptoQuant corroborates Bitfinex’s observations, indicating a continuous decline in Bitcoin exchange reserves since July 2021. This decline, which has seen reserves plummet from 2.8 million to approximately 1.94 million, suggests a sustained trend of Bitcoin leaving exchange wallets. Bitcoin Latest Price Action Meanwhile, Bitcoin’s price performance has taken a downturn, notably beginning late last week Friday and continuing throughout the weekend. The top crypto witnessed a significant decline, plummeting from above $70,000 to as low as $62,000. Notably, this downward trend has persisted over the past 24 hours, with the asset experiencing a decrease of 4.6% during this period and over 10% in the past week, leading to its current trading price of $62,034 at the time of writing. Amidst these price movements, signs of panic have emerged within the Bitcoin market. Recent data from Whale Alert sheds light on a significant transfer involving 7,690 BTC, valued at $483 million, to Coinbase, the largest cryptocurrency exchange in the United States. \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 7,690 #BTC (483,425,557 USD) transferred from unknown wallet to Coinbase Institutionalhttps:\/\/t.co\/olrmzaQdHx \u2014 Whale Alert (@whale_alert) April 16, 2024 While details about the origin of the address, “1Eob1,” remain undisclosed, it’s important to recognize that such transfers to exchanges often signal potential intentions to liquidate holdings. This occurrence typically suggests a readiness to sell off assets within the crypto sphere. Related Reading: Bitcoin To Go \u2018Ballistic\u2019 After Halving, Says Top Analyst \u2013 Here\u2019s Why Furthermore, should the entity responsible for this transfer decide to sell off the entirety of the deposited BTC, it could potentially exert a notable influence on the broader Bitcoin market. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":517328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11434,8856,85960,678,92096,1119,78790,6664],"class_list":["post-603599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analyst","tag-bitcoin-halving","tag-bitcoin-holders","tag-bitcoin-prediction","tag-bitfnex","tag-btc","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\nIs Bitcoin About To Skyrocket? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Bitcoin About To Skyrocket? Bitfinex Analysts Spot Familiar Patterns From December 2020","url":"http:\/\/uniquehot.com\/news\/is-bitcoin-about-to-skyrocket-bitfinex-analysts-spot\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/is-bitcoin-about-to-skyrocket-bitfinex-analysts-spot\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-1.jpg?fit=350%2C250"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analyst","bitcoin halving","bitcoin holders","bitcoin prediction","bitfnex","btc","btcusdt","crypto"],"dateCreated":"2024-04-17T00:00:15Z","datePublished":"2024-04-17T00:00:15Z","dateModified":"2024-06-11T07:32:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Is Bitcoin About To Skyrocket? 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