OnchainTerek highlighted that stablecoin reserves are increasing.
The analyst also confirmed that Bitcoin reserves are on the decline.
With the market supply tightening, Bitcoin will skyrocket, the analyst predicted.
Bitcoin (BTC), the world’s largest cryptocurrency, is poised for a bullish turn, according to CryptoQuant analyst OnchainTerek on X (formerly Twitter). OnchainTerek’s analysis highlights declining Bitcoin reserves and increasing stablecoin reserves as signs of an impending Bitcoin price surge. The analyst suggests that as “the market supply tightens and buying power builds, we could be on the verge of a price rally.”
Bitcoin's Next Bull Run?
“Decreasing #Bitcoin reserves and rising stablecoin reserves indicate a bullish outlook for Bitcoin. As the market supply tightens and buying power builds, we could be on the verge of a price rally.” – By @OnchainTarek
Link 
https://t.co/frUAfdSBrk pic.twitter.com/4fxB9cowf1
— CryptoQuant.com (@cryptoquant_com) September 11, 2024
An X user countered this bullish sentiment, pointing to the recently approved spot Bitcoin exchange-traded funds (ETFs) in the United States. These investment products, inclu…
The post Bitcoin Poised for Rally as Reserves Dwindle, Stablecoins Rise appeared first on Coin Edition.
