Bitcoin reserves on Binance, the world’s largest cryptocurrency exchange by volume, have fallen to levels not seen since January 2024. Notably, this occurred just two months before Bitcoin’s value soared by 90% in March of the same year.
If Bitcoin mirrors this pattern again, starting from its current price of $98,680, it could potentially climb to a staggering $187,500 in a matter of months.
Investors Signal Growing Optimism
As reported by CryptoQuant analyst Darkfost in a Dec. 25 update, Binance’s Bitcoin reserves have dropped below 570,000 BTC — the lowest point since January. This decline often indicates that investors are transferring Bitcoin off exchanges into cold storage, reflecting confidence in the asset’s long-term growth potential.
A similar dip occurred in January 2024, and by March 13, Bitcoin had surged to $73,679, setting a new record at the time.
“Periods of significant withdrawals typically align with positive momentum building in the market,” noted Darkfost.
Bitcoin Dominance Nears Key Threshold
Bitcoin’s dominance in the cryptocurrency market currently sits at 58.4%, just shy of the crucial 60% threshold, according to TradingView.
Some analysts believe breaking the 60% level could signal a shift toward increased activity in altcoins. Back in August, Benjamin Cowen, founder of Into The Cryptoverse, predicted that Bitcoin would reach 60% dominance by December. This milestone was achieved on Oct. 30, two months ahead of schedule.
Challenges Above $100K
Despite briefly breaking the $100,000 barrier on Dec. 5, Bitcoin has struggled to maintain momentum above this psychological level. The asset has traded below $100,000 since Dec. 19, following a peak of $108,300 on Dec. 17.
Ryan Lee, lead analyst at Bitget Research, anticipates Bitcoin surpassing $105,000 as market liquidity improves post-holidays.
“Low market activity during the holiday season is a typical cause of price stagnation,” Lee explained. “Once the holiday ends, we expect a rebound in trading volume, with markets repositioning for sectors likely to benefit from Trump’s upcoming inauguration. The projected trading range for Bitcoin this week is between $94,000 and $105,000.”
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