Compass Investments

– The number of withdrawn bitcoins reached 65,000, BTC is approaching the 0 100,000 mark: What’s next?

The withdrawal of bitcoins from the exchange amounted to 637,000 dollars. In 96 hours the number of mentions of 100 thousand bitcoins on social networks also reached a record high level.

there is not much left to the 6-digit valuation of bitcoin [BTC], and this growth may be facilitated by a significant withdrawal of funds from the exchange.

According to a tweet by a prominent analyst, about 65,000 BTC have been withdrawn from the reserve exchange, which is valued at $6,637,000 million.

Historically, such a large outflow of funds has meant that holders have moved their assets to cold wallets, indicating a decrease in selling pressure.

supply compression on exchanges often precedes price increases, as decreased availability contributes to price increases. For example, in the previous BTC cycle, large withdrawals from exchanges preceded significant price increases.

The sustained outflow of current funds indicates increased investor confidence in long-term price growth, especially since bitcoin reached A99k.

According to AMBCrypto’s analysis of Santiment data, the number of bitcoin holders has also increased over the past 24 hours.

This comes at a time when platforms such as X, Reddit and Telegram frequently mention bitcoins worth 100k. Social media chatter about the 6-figure price of BTC has reached an all-time high.

It is worth noting that the fear of missing the mark is growing, and some traders expect the price to rise quickly above 100k.

On the other hand, mentions of lower price ranges, such as 60-779k, reflect that fears of a correction persist in the short term.

What’s next for BTC?

Historically, the price of Bitcoin has risen rapidly after a period of increased withdrawals and shrinking currency reserves. The next big thing will be the psychological barrier of $100,000. If this bullish momentum continues, it could take bitcoin to new highs. But while the fear of missing out fuels the price movement, the fear of a correction could trigger profit taking at this critical juncture.