3 Reasons Bitcoin Price Could Be on the Verge of a New Uptrend

cointelegraph.com
2 min read
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Bitcoin price may be gearing up for a short-term rally as miners sell less BTC than they mine on a daily basis
The price of Bitcoin (BTC) has risen by 170% in the last three months from $3,600 to $9,700. Despite this immense 3 month recovery, a series of fundamental factors point to the possibility of another uptrend in the near-term.

Three reasons Bitcoin is likely to see an upsurge are increasing exchange outflow, miner revenue finding support, and the rising number of so-called "hodlers" or investors that hold BTC for prolonged periods.

A confluence of three compelling factors set Bitcoin up for a move up

When the outflow of Bitcoin from exchanges increases, it suggests investors are preparing to hold BTC for the long term.

Typically, exchange users withdraw Bitcoin with the intent of sending the BTC to a personal wallet and this trend often indicates that users have less appetite to trade Bitcoin in the foreseeable future.

The decline in Bitcoin exchange outflow coincides with a recovery in miner revenue. As miners generate more BTC…
Joseph Young
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