- Bitcoin exchange net flows hit a 3-year low.
- This signals strong holder conviction and reduced selling pressure.
- A huge supply shock price spike may be on the horizon for BTC and ETH.
The price of the pioneer crypto asset, Bitcoin (BTC), has gone on to set another new ATH price, this time in the $126,000 price range, beating its previous 2 ATH records in the $125,000 price range, set under 72 hours ago. At the same time, Bitcoin exchange net flows hit a 3-year low, signaling strong holder conviction and reduced selling pressure. Could BTC be heading into a huge supply shock pump?
Bitcoin Exchange Net Flows Hit 3-Year Low
Over the last 72 hours, the price of Bitcoin (BTC) has set 3 new ATH prices, two in the $125,000 price range at the price targets of $125,505 and $125,559. The latest of these three new ATH prices was hit earlier today at the $126,000 price range. Since then, the price of BTC has been trading at slightly lower prices, but remains in the upper bullish green price trading area.
At the moment, analysts are hoping to see the price of Bitcoin (BTC) hit even higher ATH prices, likely in the $130,000 – $135,000 price range or even higher in the $140,000 – $145,000 price range. Specifically, most analysts are certain that Bitcoin has one last major bull pump pending before going on to relinquishing dominance to Ethereum (ETH), and other popular altcoins, finally paving the way for altseason.
On the other hand, one analyst believes that the market is too bullish, seeing a confirmed indicator for the price of BTC to experience a sharp fall to the $90,000 price range where he predicts the bull market will finally switch back to the bear market, signaling the end of this bull cycle. What’s more this analyst expects the market will not experience an altseason this cycle. This is contradicting to many bullish market indicators that say otherwise.
BTC Sees Strong Holder Conviction and Reduces Selling Pressure
In detail, several analysts have confirmed multiple bullish indicators across several promising and popular altcoin assets. Specifically, these seasoned and reputed analysts believe that the price of ETH will experience a huge bull price pump that’ll send the price of ETH to $5,000 and much higher in the coming days ahead. Presently, the crypto market is on its way to experiencing a huge supply shock for the crypto assets ETH and BTC.
As we can see from the post above, Bitcoin exchange netflows hit a 3-year low, signaling strong holder conviction and reduced selling pressure. Responses to the post show agreement over institutional buying driven this bull cycle. Most trading experts have also noted the serious possibility of the prices of BTC and ETH experiencing a sudden spike in prices in Q4 due to value surging from a dwindling supply.
