Bitcoin Withdrawal Wave Points To Another Major Leg Up In The Bull Cycle, Analyst Says
After hitting its newest all-time high (ATH) on August 14, Bitcoin (BTC) has been on a gentle decline, buying and selling simply above the $110,000 stage on the time of writing. While some analysts opine that the crypto bull run could also be over, on-chain information suggests that there’s not less than another main leg up forward for BTC.
Bitcoin Bull Market Over? Not Quite
According to a CryptoQuant Quicktake put up by contributor CoinCare, as a lot as 50,000 BTC has been withdrawn over the previous two days from crypto change Kraken. This was adopted by one other main withdrawal of 15,000 BTC.
The CryptoQuant analyst said that such important withdrawals will not be one thing that’s usually noticed close to the height of a bull market cycle. Instead, at market tops, exchanges witness an inflow of BTC or different cryptocurrencies, signalling distribution.
Although retail demand for BTC is at present fragile, a couple of massive wallets are nonetheless accumulating BTC in massive portions. Past information reveals that retail demand for BTC surges quickly at bull market tops. However, the present tepid demand means that BTC has “not less than one main leg up forward.”
That stated, fellow CryptoQuant analyst caueconomy provided a contrasting take. According to their evaluation, main BTC holders proceed to cut back their publicity to the digital asset, not too long ago reaching the most important coin distribution in 2025.
Notably, BTC whale reserves have tumbled by 100,000 cash prior to now 30 days, exhibiting high danger aversion amongst massive traders. As a end result, heightened promoting strain has been weighing down on the BTC value, pushing it under $108,000 in late August. The analyst added:
At this time, we’re nonetheless seeing these reductions within the portfolios of main gamers, which can proceed to strain Bitcoin within the coming weeks.
Technicals Point Toward Renewed Strength
While BTC whales – traders holding 1,000 to 10,000 BTC – could also be lowering their publicity to the cryptocurrency, technicals level towards additional room for progress for the main digital asset by market cap.
For occasion, famous crypto analyst Titan of Crypto shared the next chart on X, saying that BTC is near invalidating the bearish double-top sample on the every day chart. Once BTC convincingly pushes above the neckline, it might present new bullish momentum to the asset.
That stated, there are some indicators of warning. For occasion, crypto analyst Doctor Profit not too long ago stated that if BTC fails to defend the $107,000 – $108,000 assist stage, then it might danger falling all the best way all the way down to $90,000.
Similarly, a breakdown under the $98,000 stage might spell catastrophe for the flagship cryptocurrency. However, the long-term bull case for BTC remains intact. At press time, BTC trades at $110,460, down 0.9% prior to now 24 hours.
