Bitcoin

Bitcoin balances on the exchanges fall to three-year lows

The amount of Bitcoin on the exchanges is at a three-year low, which shows that many investors have no intention of selling their BTC at current prices. The Ethereum balances on the exchanges are also at a two-year low.

According to Glassnode, btc balances on the exchanges recorded 2.46 million BTC at the end of October 2021.

Btc balance on the exchanges | Source: Glassnode

Historically, a Btc  balance at a low when the market was rising is a sign of the continuation of the uptrend. It usually tends to rise when the market is about to sell out as many investors deposit their bitcoins on exchanges.

BTC price in 2018 and 2019 | Source: TradingView

The last time BTC balances hit this low was in December 2018. The market stalled for several months after that before experiencing another big bull run that drove BTC to all-time highs. Long-term Bitcoin holders also seem to be piling up, according to Kraken, favoring further increases in the near future.

ETH balance on the stock exchanges | Source: Glassnode

Ethereum is also facing the same situation. The ETH balances on the stock exchanges are at a two-year low of 14.4 million ETH, which in turn is a good sign for the market.

The market appears to be in a good position as BTC and ETH have been consolidating around $ 60,000 and $ 4,200 between $ 42,000 and $ 2,900 since late September 2021, after strong gains.

Where will Bitcoin be in the fourth quarter of 2021?

There have been many models that predict a high Bitcoin price by the end of 2021. One of the most notable is PlanB’s Bitcoin Stock-to-Flow, which is forecasting a worst-case target of $ 135,000 by the end of the year. While BTC price hasn’t got there yet, it’s not too far off its current valuation of over $ 62,000.

With a slightly longer outlook, Tim Draper predicts that Bitcoin could reach $ 250,000 by 2023. While the market is constantly changing and moving at will, it is always in an upward trend over the long term.

Historically, Bitcoin and the crypto market have tended to rise rapidly in a short period of time, so it will most likely go through a sudden bull run to hit that number. Although uncertain, on-chain metrics like Bitcoin balances on exchanges suggest that the market is in a good bull run.

You can see the Bitcoin price here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

4 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

4 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

7 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

9 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

12 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

13 hours ago

This website uses cookies.