Key Points
- Binance’s Bitcoin reserve has dropped to its lowest since January 2024, indicating a potential price rally.
- Bitcoin’s price is expected to remain range-bound between $94K-$105K, with a potential breakout after the holiday season.
The Bitcoin [BTC] reserve on the Binance exchange has reached its lowest point since January 2024, according to a CryptoQuant analyst.
This trend is seen as a positive indicator for the cryptocurrency’s long-term prospects.
Declining Reserve and Price Rally
The Binance BTC reserve has seen a significant decline, going from 630K BTC in August to nearly 580K BTC.
This decrease indicates that more BTC is being moved from Binance for self-custody, which could hint at a potential price rally in the future.
The period between August and December, which saw a decline in BTC reserve on Binance, also coincided with the cryptocurrency reaching a record high of $108K.
Future Predictions for BTC
Ryan Lee, the chief analyst at Bitget Research, predicts that BTC will remain within the $94K-$105K range, with a possible breakout after the holiday season.
Despite the caution from analytics firm Santiment that a breakout to $110K is likely to occur when least expected, bullish calls for $110K have increased as BTC has been flirting with the $100K mark since Christmas Eve.
At the time of writing, BTC was valued at $97.8K, approximately 10% away from its all-time high of $108.3K.
