Bitcoin on exchanges in 2024 reached its lowest level since November 2018. Investors are increasingly withdrawing assets for long-term storage in private wallets. This reduces the supply for sale, creating buying pressure.

Growing confidence in Bitcoin as a store of value amid global economic uncertainty and inflation. This could lead to higher prices if demand remains stable or increases.

Less selling pressure and the dominance of long-term holders could contribute to new price peaks, making the market more stable, albeit potentially more volatile.