Binance's Bitcoin reserves have recently fallen below 570,000 coins, reaching the lowest level since January this year. Notably, two months after Binance's Bitcoin reserves dropped to a similar level in January, Bitcoin surged by 90%. Is history about to repeat itself? (Background: Brother Ma Ji transferred 12% of the total Cream to Binance; is Hyperliquid supporting a surge?) (Additional background: Binance is reportedly "stockpiling a large amount of Kaspa" in preparation for launching spot trading. How credible is this news?) According to CryptoQuant data, Binance's Bitcoin reserves have recently fallen below 570,000 coins, marking the lowest level since January this year. When an exchange's reserves decrease, it usually indicates that investors are transferring Bitcoin to cold wallets, showing confidence in its long-term price trajectory. It is worth noting that Binance's Bitcoin reserves also dropped to a similar level in January, and two months later, on March 13, the price of Bitcoin surged 90% to $73,679, setting a new record at that time. If Bitcoin follows the same pattern again, at the current price, Bitcoin could reach $187,500 in a few months. CryptoQuant analysts point out that when a peak in withdrawals occurs, it is often a sign that the market is accumulating positive momentum. Source: CryptoQuant. Additionally, the question of whether the altcoin season is approaching has drawn market attention. Based on past bull market experiences, when Bitcoin's market share remains at a high point of 60%, the altcoin season will soon follow. According to TradingView data, Bitcoin's market share is currently at 58.4%, slightly below the critical 60% level. Some analysts believe that a level below 60% may indicate that the market is rotating towards other crypto assets. When will Bitcoin return to $100,000? Since Bitcoin first broke through the psychological barrier of $100,000 on the 5th, it has remained below $100,000 since the 19th, raising concerns in the market about when Bitcoin will return to this major level. Ryan Lee, chief analyst at Bitget Research, believes that Bitcoin may exceed $105,000 after liquidity rebounds post-Christmas. Ryan Lee analyzes that Bitcoin's recent downward trend is a typical phenomenon of holiday liquidity shortage: after Christmas, market activity usually becomes active again, and funds are expected to be actively allocated to areas that may benefit from Trump's impending inauguration... This week's expected trading range for Bitcoin is $94,000 to $105,000. Previously, K33 research director Vetle Lunde stated that based on previous bull market cycles, the average duration from the first historical peak to the last historical peak for Bitcoin in each bull market is 318 days. Calculating from the first historical high reached by Bitcoin on March 5 of this year, Bitcoin may reach a new high for this bull market on January 17 next year. Vetle Lunde mentioned that in this cycle, based on previous bull market peaks, Bitcoin's peak level could fall at $146,000, and if based on previous market capitalization as a reference, Bitcoin could reach a maximum of $212,500 during this cycle. Related reports: BNB breaks $690; Binance Launchpool new coin mining "BIO Protocol" goes live, DeSci meme coins $RIF and $URO surge together; Binance global survey shows meme coins surpass BTC as the "most held" token, with the user ratio entering the crypto space this year reaching 45%. A quick overview of Binance Alpha: ten project highlights and token economics. "Binance's Bitcoin reserves fall below 570,000 coins! Setting a new low for 2024, will the miracle of a 90% surge repeat?" This article was first published on BlockTempo (the most influential blockchain news media).

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