Anika Begay
After BitcoinWith the recent price recovery from a major decline last week triggered by a broader market decline, investors and traders have been speculating on the cryptocurrency’s performance in the short and long term. However, cryptocurrency analyst and trader, Mags, delving deeper into the current price rebound revealed that BTC’s price in the long term still looks promising, demonstrating his confidence in the coin’s potential for further gains.
Bitcoin’s Long-Term Outlook Remains Strong
Cryptocurrency analyst Mags, offered his view on the cryptocurrency’s prospects to the community on the X platform (formerly Twitter), which is considered an important topic of discussion among investors in the current bull cycle.
Mags’ insights come amid recent market turbulence, sparking fear and uncertainty around Bitcoin and other major cryptocurrencies. Despite these troubling market turbulences, Mags continues to have a positive outlook on the future of the largest crypto asset.
While investors are worried about the BTC short term volatilityRaising the idea that Bitcoin is struggling when viewed over shorter time frames, analysts stressed that the long-term outlook for the flagship coin remains optimistic, reinforcing the possibility of continued price expansion.
According to cryptocurrency expert, Bitcoin price did not close below $60,000 support level on the monthly chart. Meanwhile, whenever the price drops below the $60,000 level, it immediately bounces back above the mark.
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Many people might say that Bitcoin is struggling when looking at the lower time frames. However, the long-term view still looks promising. On the monthly chart, the price has not closed below the $60,000 support level. Whenever the price drops below $60,000, it quickly rebounds above it.
Overall, Mags noted that while the price has been moving around the $60,000 level, it continues to stabilize above its all-time highHe further highlighted that if the Lower Time Frame (LTF) drops below the support level, there could be traps before the price starts moving on the upward trajectory again. Accordingly, he urged cryptocurrency investors not to be shaken by the recent price fluctuations and to wait for an imminent rally in the coming months.
Centralized Exchange Reserves for BTC Drop Dramatically
As Bitcoin continues to struggle amidst an overall market decline, the overall amount of BTC held on centralized exchanges has seen a sharp decline.
Second CryptoHow Mucha leading on-chain data provider, the total number of BTC held on centralized exchanges over the course of a month now stands at 2.68 million BTC, worth a whopping $161 billion, marking the lowest level in five years.
This decline could be a sign of a long-term bull market, as more investors choose to store their Bitcoin in cold storage or other forms of self-custody storage, rather than on centralized exchanges. It also highlights investors’ desire for the security that these cold storages present, which allows them to gain more control over their funds.
Featured image from Adobe Stock, chart from Tradingview.com
