Bitcoin\u2019s price tumbled below $50,000 at the start of August and to under $53,000 at the beginning of September, which is historically a bad month for the asset.<\/p>\n
However, it managed to bounce off, and certain factors provide a more optimistic perspective about the upcoming months in terms of price action for the largest digital asset.<\/p>\n
CryptoQuant\u2019s analysis started<\/a> its bullish forecast by outlining the declining number of BTC stored on cryptocurrency exchanges. As reported<\/a> yesterday, the bitcoin exchange netflow shows mostly outflows, suggesting that investors have pulled their funds from the trading platforms, which reduces the immediate selling pressure.<\/p>\n According to CQ\u2019s outlook, such transfers out of exchanges have been followed historically by price increases and new peaks.<\/p>\n <\/a>Bitcoin Exchange Reserves. Source: CryptoQuant<\/p>\n The graph above shows two such prominent examples from the past four years. Back in late 2020, the BTC held on exchanges declined substantially and the asset skyrocketed to new all-time highs at the start of 2021.<\/p>\n Something similar transpired in early 2023, but a new ATH happened roughly a year later. This suggests that even though this is a bullish development, it could take months and even a year for this cycle\u2019s peak to arrive.<\/p>\n The second factor listed by CryptoQuant is also something that we touched upon yesterday \u2013 the rising stablecoin reserves on exchanges. Just ahead of BTC\u2019s impressive $4,000 rally on September 9 and 10, $300 million worth of stablecoins entered<\/a> trading platforms, and they serve as the most convenient gateway for investors to accumulate digital assets.<\/p>\n \u201c\u2026 Stablecoin reserves on exchanges are increasing, indicating that investors are preparing to buy. Stablecoins represent ready-to-deploy capital, and their rising presence suggests that traders are waiting for the right opportunity to enter the market. This increase signals strong buying interest.\u201d \u2013 reads CQ\u2019s report.<\/p>\n While resources like the Fear and Greed index are still in \u2018fear\u2019 territory, CryptoQuant\u2019s analyst said the overall market sentiment could be on the brink of a massive change due to the two aforementioned factors.<\/p>\n Additionally, October and November have been historically more bullish months for bitcoin. This, combined with the upcoming rate hikes in the States and the presidential elections (especially if Donald Trump wins), could lead to an inevitable BTC price breakout that might result in new peaks by the end of the year or at the start of 2025.<\/p>\n The post These Factors Suggest Bitcoin\u2019s (BTC) Bull Run Is Just Getting Started: CQ<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s price tumbled below $50,000 at the start of August and to under $53,000 at the beginning of September, which is historically a bad month for the asset. However, it managed to bounce off, and certain factors provide a more optimistic perspective about the upcoming months in terms of price action for the largest digital […]<\/p>\n","protected":false},"author":0,"featured_media":5452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5451"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5451"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5451\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5452"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Stablecoin Reserves on a Roll<\/h2>\n
Overall Bullish Sentiment<\/h2>\n
![<\/a>Bitcoin Exchange Reserves. Source: CryptoQuant<\/p>\nThe graph above shows two such prominent examples from the past four years. Back in late 2020, the BTC held on exchanges declined substantially and the asset skyrocketed to new all-time highs at the start of 2021.<\/p>\nSomething similar transpired in early 2023, but a new ATH happened roughly a year later. This suggests that even though this is a bullish development, it could take months and even a year for this cycle\u2019s peak to arrive.<\/p>\nStablecoin Reserves on a Roll<\/h2>\nThe second factor listed by CryptoQuant is also something that we touched upon yesterday \u2013 the rising stablecoin reserves on exchanges. Just ahead of BTC\u2019s impressive $4,000 rally on September 9 and 10, $300 million worth of stablecoins entered<\/a> trading platforms, and they serve as the most convenient gateway for investors to accumulate digital assets.<\/p>\n\u201c\u2026 Stablecoin reserves on exchanges are increasing, indicating that investors are preparing to buy. Stablecoins represent ready-to-deploy capital, and their rising presence suggests that traders are waiting for the right opportunity to enter the market. This increase signals strong buying interest.\u201d \u2013 reads CQ\u2019s report.<\/p>\nOverall Bullish Sentiment<\/h2>\nWhile resources like the Fear and Greed index are still in \u2018fear\u2019 territory, CryptoQuant\u2019s analyst said the overall market sentiment could be on the brink of a massive change due to the two aforementioned factors.<\/p>\nAdditionally, October and November have been historically more bullish months for bitcoin. This, combined with the upcoming rate hikes in the States and the presidential elections (especially if Donald Trump wins), could lead to an inevitable BTC price breakout that might result in new peaks by the end of the year or at the start of 2025.<\/p>\nThe post These Factors Suggest Bitcoin\u2019s (BTC) Bull Run Is Just Getting Started: CQ<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price tumbled below $50,000 at the start of August and to under $53,000 at the beginning of September, which is historically a bad month for the asset. However, it managed to bounce off, and certain factors provide a more optimistic perspective about the upcoming months in terms of price action for the largest digital […]<\/p>\n","protected":false},"author":0,"featured_media":5452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5451"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5451"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5451\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5452"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/1111.webp\"){kind=link}