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Tuesday, June 11, 2024
HomeCryptoIs Bitcoin ready to skyrocket?

Is Bitcoin ready to skyrocket?

10X Research founder Markus Thielen predicts in his new analysis that Bitcoin could be about to experience a significant price increase.

At this time, although BTC rose above $71,000 last week, it experienced a decline following strong US jobs data.

Amid these fluctuations in Bitcoin, an analysis of the founder 10X Research Markus Thielen has indicated that Bitcoin may be about to increase significantly in price.

Thielen, who was very successful in his predictions and analysis, drew attention to the work Accumulate BTC of investors in its final analysis.

At this point, Thielen points out that nearly 100,000 Bitcoins worth about 6.75 billion USD was withdrawn from cryptocurrency exchanges last month and stated that Bitcoin is showing potential growth.

“Last month, nearly 100,000 Bitcoin worth approximately $6.75 billion were withdrawn from exchanges.

This withdrawal was largely led by two major US platforms: Kraken and Coinbase.

“55,000 Bitcoins worth approximately $3.8 billion were withdrawn from Kraken, while 24,000 Bitcoins worth $1.7 billion were withdrawn from Coinbase.”

Saying that this huge withdrawal of BTC shows Potential price increase trend of investors, Thielen said that when large amounts of Bitcoin are removed from exchanges, this usually means that investors plan to hold BTC instead of selling them in the near future.

“This trend could tighten available supply on exchanges and cause prices to rise if demand remains stable or increases.”

Bitcoin continues to trade at $69,380 at the time of writing.

The positive report on cryptocurrencies comes from the oldest US bank BNY Mellon

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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