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Posted:
- The increase in Bitcoin’s currency supply has not affected the value of the king coin.
- One notable market player expected BTC to fall below $25,000 before the end of September.
About 5,000 between September 6 and 7 Bitcoin [BTC] were sent to exchanges, Glassnode data showed. To assess this behavior, Glassnode provides a metric called total Bitcoin exchange balance. By definition the Bitcoin exchange balance is the total number of coins held on exchanges.
Read Bitcoins [BTC] Price prediction 2023-2024
Bitcoin: Ready to Destroy?
On September 6, Bitcoin’s exchange balance was 2,304,401. But at the time of writing, the amount had risen to 2,308,388. Typically, an increase in the exchange rate balance indicates an increase in the participant’s motive to take profits. So it is possible that the press time condition could lead to a BTC nuke in the short term.
Source: Glassnode
Coincidentally, this same value was almost the same as that of Bitcoin miners sent for exchange in June. Naturally, the aftermath of the decision was not favorable for the royal coin at the time. However, Bitcoin appears to have weathered the storm.
In the last 24 hours, the currency rose above $26,000, allowing the crypto market cap to grow by 1.19%. One measure that may have helped stabilize the price is currency outflows. The outflow of the currency describes the amount of Bitcoin sent from exchange wallets to non-exchange wallets.
On the other hand, exchange inflow is the amount of BTC sent from external wallets to exchange wallets. At the time of writing, outflows from the currency were 3,929, while inflows from the currency were 2,978, meaning there were more investors willing to HODL than those willing to sell.
Source: Sentiment
Prepare for the worst and hope for the best
But does this mean Bitcoin would have a much better September than August? AMBCrypto had a brief conversation about this with Gracy Chen, Managing Director at crypto exchange Bitget.
For Chen, BTC’s performance this month depends on a number of factors, some of which she highlighted in our discussion.
The Bitget MD said that the Federal Reserves’ decision on interest rates could affect the value of BTC. She noted that interest rate cuts could happen as the agency seemed committed to raising rates to 2%.
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According to the coin’s prediction, Chen said that trading momentum could weaken due to market fatigue. Because of this condition, she expected Bitcoin to drop to $24,800, but it could recovery after.
She said,
“In September, unless there are significant negative factors in the market, BTC is forecast to retest its previous low of $24,800 due to depleted market hotspots and reduced trading momentum. A recovery is expected thereafter, with key levels at $27,500, $28,000 and $29,000.”