after BitcoinFollowing the recent recovery of Bitcoin price from a significant drop last week due to the broader market downturn, investors and traders have been speculating on the crypto asset’s short- and long-term performance. However, crypto analyst and trader Mags, who delved into the current price recovery, revealed that Bitcoin price in the long-term still looks promising, indicating his confidence in the coin’s potential for further gains.
Bitcoin’s long-term outlook remains strong
Cryptocurrency Analyst Mags, On display He offered his views on the future of crypto assets for the community on the X platform (formerly Twitter), which is a major discussion among investors in the ongoing bull cycle.
Mags’ insights come at a time of recent market volatility, which has raised fear and uncertainty about Bitcoin and other major cryptocurrencies. Despite these disturbing market volatility, Mags remains positive about the future of the largest crypto asset.
While investors are concerned about Short-term fluctuations in BitcoinAlthough analysts have raised the idea that Bitcoin is struggling when viewed over shorter time periods, they have stressed that the long-term outlook for the major currency remains optimistic, which reinforces the possibility of steady price expansion.
According to the cryptocurrency expert, the price of Bitcoin has not closed below $60,000 in support Level on the monthly chart. At the same time, whenever the price drops below the $60,000 level, it immediately rises above the mark.
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Many people would say that Bitcoin is struggling when looking at the lower time frames. However, the long-term outlook still looks promising. On the monthly chart, the price has not closed below the $60,000 support level. Every time the price drops below $60,000, it quickly rises back above it.
Overall, Mags noted that while the price has been hovering around the $60,000 level, it continues to hold above All time highHe also emphasized that if the lower time frame (LTF) drops below the support level, these could act as traps before the price starts moving on the upward path again. As a result, he urged cryptocurrency investors not to be affected by the recent price fluctuations and wait for an imminent rally in the coming months.
Centralized Bitcoin Exchange Reserves Drop Significantly
As Bitcoin continues to struggle amid a general market downturn, the total amount of Bitcoin held on centralized exchanges has seen a significant decline.
according to Crypto Quantone of the leading on-chain data providers, total number Bitcoin The total amount of Bitcoin traded on centralized exchanges in a single month now stands at 2.68 million Bitcoin, worth a staggering $161 billion, the lowest level in the past five years.
This decline could be a sign of a long-term bull market as more investors choose to keep their bitcoin in cold storage or other types of self-storage, rather than centralized exchanges. It also underscores investors’ desire for the security that cold storage provides, allowing them to gain greater control over their funds.
Featured image by Adobe Stock, chart by Tradingview.com