The bullish Bitcoin price prediction that many HODLers are hoping for may not be too far off if data provided by Santiment is anything to go by. According to the analytics firm, the amount of Bitcoin on exchanges has hit a 6-month low due to diminishing supply.
This data piece from Santiment suggests that some accumulation is going on, especially as the price drop to the $24,000 mark has not yet materialized. To bolster the accumulation hypothesis, it has just emerged within the hour of publishing this piece that a London hedge fund with assets of $55 billion is looking to venture into the crypto market. As reported by the Financial Times, hedge fund Marshall Wace is looking to invest in stablecoins infrastructure and crypto payment systems.
However, it will still take some doing for Bitcoin prices to get back to the previous 2021 highs as China’s crypto crackdown continues. The People’s Bank of China (PBOC) has reportedly shut down a firm which they allege provided software support for digital asset transactions. Bitcoin prices dropped off intraday highs after the news became public.
Bitcoin prices are currently up by 1.20%.
Technical Outlook for Bitcoin Prices
A bullish Bitcoin price prediction will only come to pass if the price breaks past the resistance wall, which has the 40,751 price mark as its floor. This move will open the door towards 43569, 46203 and 47500, but must transcend other barriers below 35297 (5 July high) and 37455.
On the other hand, a lack of bullish momentum following Monday’s rejection at 35297 allows the price to test the flag’s lower border. Only a breakdown of this border complete’s the pattern’s evolution and opens the door for a sequential drop towards the 30,308, 27796 and 24,000 mark.