The post Bitcoin Exchange Deposits Plunge, Is 2017- Style Crypto Bull Run Ahead? appeared first on Coinpedia Fintech News
The Bitcoin price has surged by 9.4% over the last seven days, with a single-day spike of 9.65% between April 21 and 22. This rally comes amid a notable shift in on-chain behavior—one that echoes patterns seen before Bitcoin’s historic 2017 bull run.
Fewer BTC Sent to Exchanges — A Bullish Signal?
According to crypto analyst Axel Adler Jr, the number of Bitcoin addresses depositing BTC to exchanges is steadily declining—a trend that’s been in motion since 2022. His analysis, based on the Bitcoin Exchange Depositing Addresses Count chart, shows:
- 30-day average: ~52,000 addresses
- Yearly average: ~71,000 addresses
- 10-year average: ~92,000 addresses
This significant drop suggests a cooling in selling pressure. Typically, when investors move BTC to exchanges, it signals an intent to sell, so fewer deposits imply growing confidence in holding.
Chart Flashback: December 2016
The current address count mirrors levels not seen since December 2016. Back then, Bitcoin recorded a monthly gain of 29.2%, followed by an explosive 1,369% price rally in 2017. Could history be repeating?
Adler believes so. He interprets the decline in exchange deposits as a sign of rising HODL sentiment—investors choosing to hold rather than sell.
- Also Read :
- Investors Still Skeptical About the BTC Price Rally-—Is This a Calm Before the Storm or a Reversal Incoming?
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What It Means for Bitcoin Price
With fewer coins moving to exchanges and recent gains of 13.3% in the past two weeks, the Bitcoin price appears primed for further upside. If the pattern follows that of late 2016, this could mark the early stages of a substantial bull run.
As HODLing gains momentum and selling pressure wanes, Bitcoin’s path to new all-time highs might be closer than it seems.
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FAQs
As per Coinpedia’s BTC price prediction, 1 BTC could peak at $168k this year if the bullish sentiment sustains.
With increased adoption, the price of 1 Bitcoin could reach a height of $901,383.47 in 2030.
As per our latest BTC price analysis, Bitcoin could reach a maximum price of $13,532,059.98
By 2050, a single BTC price could go as high as $377,949,106.84
