Bitcoin, the leading cryptocurrency, has been exhibiting a variable performance in recent days.
At this point, while BTC rose above $71,000 last week, it experienced a decline following strong US employment data.
Amid these fluctuations in Bitcoin, an analysis by 10X Research founder Markus Thielen showed that Bitcoin may be on the verge of a significant rise.
Thielen, who is very successful in his predictions and analysis, drew attention to the BTC accumulation of investors in his last analysis.
At this point, Thielen pointed out that nearly 100,000 Bitcoins worth approximately $6.75 billion were withdrawn from cryptocurrency exchanges last month, and stated that Bitcoin is in a potential upward trend.
“Last month, nearly 100,000 Bitcoins worth approximately $6.75 billion were withdrawn from exchanges.
This exodus 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“55,000 Bitcoins worth approximately $3.8 billion were withdrawn from Kraken, while 24,000 Bitcoins worth $1.7 billion were withdrawn from Coinbase.”
Stating that these massive BTC withdrawals indicate a potential bullish trend among investors, Thielen said that when large amounts of Bitcoin are removed from exchanges, this usually means that investors plan to hold BTC rather than sell them in the near future.
“This trend could tighten the available supply on exchanges and cause the price to rise if demand remains stable or increases.”
Bitcoin continues to trade at $69,380 at the time of writing.
*This is not investment advice.