Binance’s Bitcoin reserves have dipped below 570,000 BTC, the lowest since January 2024. Historically, similar dips preceded major price surges, raising questions about a potential rally. Bitcoin's price currently sits at $98,680, possibly reaching $187,500 if the January-to-March trend repeats.
Key Insights:
Investor Confidence:
The decline in reserves suggests long-term confidence, with investors moving Bitcoin to cold storage.
In January 2024, reserves hit similar lows, followed by a 90% price surge to $73,679 in March.
Bitcoin Dominance at 58.4%:
Bitcoin’s dominance hovers near 60%, a critical threshold that could signal altcoin rotation if exceeded.
Analysts expect a resurgence in dominance post-Christmas, aligning with potential market liquidity.
Price Outlook:
Bitcoin has struggled to maintain its $100,000 psychological level since Dec. 19.
Analysts, including Ryan Lee of Bitget Research, forecast a trading range of $94,000 - $105,000 this week, with a rally likely after the holidays, according to Cointelegraph.
