Bitcoin Dives Below $96k After Massive Exchange Deposits Signal Sell-Offs
In a surprising turn of events, Bitcoin’s value has dipped below $96,000 after an influx of $3.2 billion worth of BTC was deposited into various exchanges. This sudden movement raises concerns about potential sell-offs and increased price pressure on the world’s largest cryptocurrency.
Despite the recent downturn, experts predict a recovery with target prices ranging from $110,000 before the year ends to over $320,000 by 2025. A Shift in Market Trends After hitting an all-time high of over $108,000 in mid-December, Bitcoin experienced significant fluctuations following the Federal Reserve’s FOMC meeting and Jerome Powell’s subsequent remarks.
While announcing another interest rate cut of 0.25%, Powell hinted that concerns regarding rising inflation might prevent further cuts in 2025. Additionally, he clarified that the Fed cannot hold BTC, casting doubts on President Trump’s proposal to create a strategic BTC reserve. As a result of these developments, Bitcoin’s value oscillated between $92,600 and nearly $100,000 within the following week.
Over the past few hours, however, it has fallen by 2% to its current price of approximately $95,600 (as per CoinGecko data). One crucial factor contributing to this decline is the transfer of over 33,000 BTC ($3.2 billion) to various exchanges within the last seven days – an indication that investors may be planning to liquidate their assets.
Such large sales can lead to increased circulating supply and reduced demand if not managed properly, potentially harming Bitcoin’s value further. On the Flip Side… Despite these negative indicators, many analysts remain confident that Bitcoin will bounce back above $100,000 shortly. Some even believe it could reach unprecedented heights in the coming years.
For instance: • X user Captain Faibik anticipates a surge up to around $110K by year-end; • Crypto Rover expects “parabolic” growth next year; • Jelle foresees a new all-time high when Bitcoin regains $102K; and • Mags thinks we haven’t reached peak bullishness yet and projects a spike beyond $325K sometime in 2025 before bearish trends emerge again.
Source
The post Bitcoin Plummets Below $96k After $3.2 Billion Sent to Excha appeared first on CoinBuzzFeed.
