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There is a strong expectation in the crypto community that the price of Bitcoin would witness a strong upward momentum in the near future. An analysis done by crypto researcher Axel Adler Jr., using the BTC Long-Term Holders Exchange Inflow Analysis chart, provides compelling insights into this expectation. His Bitcoin price analysis presents a strong reason why the anticipation of a bullish future for BTC is not baseless. This aligns with broader Bitcoin price predictions suggesting potential significant gains.
BTC LTH Exchange Inflow Analysis: What It Conveys
In a recent post shared by Adler in X, he has shared the observation about the future growth potential of the price of Bitcoin.
Bitcoin Price Momentum: A General Analysis
The price of Bitcoin is right now just $59,414.15. Since mid-March, after the price of BTC reached the yearly peak of $73,000, the strength of the BTC price has fallen. This month, August, 2024, it dropped even below the previous month’s lowest of $55,844, to $54,031. Though in the last month the market raised steeply between July 8th and July 21, in which the price was lifted from $55,801 to $68,109, this month between August 2 and August 5, the market experienced a steep fall, from $65,302 to the lowest point of $54,031. Till now, the market has not yet recovered from the impact of the fall, albeit its recent attempts on August 8 and August 23 to push the price higher.
In the last 30-days alone, the market has seen a fall of 10.1%. The market has experienced a 7-day decline of 2.7% and a 24-hour drop of 1.5%, indicating that no clear sign of market reversal has emerged in the chart yet
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