Bitcoin Finds Support Above $6,200 – BTC Price Might Be Ready To Skyrocket
The crypto market looks pretty good today, with the most important coins trading in the green.
Bitcoin is no exception, and at the moment of writing this article, the most important digital asset in the crypto space is priced at $6,272.78.
Despite the huge volatility of the crypto market, there are still various optimistic predictions that keep popping up in the crypto space.
This is mainly due to the fact that Bitcoin is getting ready for the halving event which is scheduled for May.
Analysts have been wondering whether the global crisis in the middle of which we are will affect the halving in terms of pricing for BTC, and this remains to be seen.
Previous halvings sent BTC’s price to the moon, and this is the main reason behind optimistic predictions.
Bitcoin could be ready to skyrocket
Data provided by Glassnode said that Bitcoin holders are actively withdrawing their funds from various exchanges, as reported by the online publication UToday.
This is showing that Bitcoin might be in the middle of another accumulation stage before a potential rally.
UToday notes that outflows from the most important exchanges have been increasing since March 18. As a result, Bitcoin balances reached the lowest level at eight months.
It’s been also revealed that the situation was opposite on the verge of March 12 crash that made the whole crypto industry freak out.
It seems that four days before the almost 50% drop in price, there was a rapid increase in inflows.
This was reportedly a tell-tale sign that whaled were getting ready to drop a massive amount of coins.
We recommend that you check out the original article in order to find out more about their prediction.
Bitcoin holders are buying the dip these days, while crypto enthusiasts who are short term fans are freaking out at the sight of BTC’s current price.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.