"Everyone must want the price to go up, but what if it doesn't?
The price of cryptocurrency king Bitcoin (BTC) which has finally broken through $66,000 again has caused its supply on the centralized exchange (CEX) to fall to new lows as positive sentiment builds.
Mass removal of digital assets from crypto exchanges indicates bullish pressure indicating long-term holdings, so here it can be seen that digital assets have been moved to other custodians while flows to crypto exchanges have decreased.
According to Bybit last month, the supply of BTC on crypto exchanges may run out in nine months following the BTC ETF spot and halving events that prompted many investors to buy more of the digital asset.
The rise in BTC prices was also triggered when weak economic data from the United States (US) increased the probability that the Federal Reserve (Fed) might implement an interest rate cut in the summer.
Not only that, many parties also expect the Bank of England (BOE) and the European Central Bank (ECB) to cut interest rates in June 2024, then it should be noted that the Swiss National Bank (SNB) and the Riksbank of Sweden have already reduced the cost of their benchmark loans.
Please note that Singapore-based QCP Capital predicts that BTC will see a rise above $72,000 shortly after they analyze the US inflation rate and current technical factors that favor the price increase.
Even so, the founder of Capriole Investments Charles Edwards believes that the entire crypto market, including stocks, will experience a consolidation phase in four to five months first before rising high.
As of this writing, the price of BTC which is currently trading at $65,345 has fallen slightly by 0.94% in the past 24 hours with a market cap of over $1 trillion but is still up 3.93% over the past week.
