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Why This On-Chain Analyst Lowered His Bitcoin Price Prediction To $200,000 By Year-End

Why This On-Chain Analyst Lowered His Bitcoin Price Prediction To $200,000 By Year-End
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12K BTC Removed From Coinbase, Are Whales Relenting?

12K BTC Removed From Coinbase, Are Whales Relenting? Reading Time: 3 mins read Coinbase, the largest exchange in the United States, has been the site of several big Bitcoin buy-ins this year. Recent reports show sudden transfers of more than 10,000 BTC to private wallets are not uncommon, but they do show a preference to store Bitcoin for the long term rather than hold it close to a point of sale. As retail investors face liquidity shortages due to high institutional participation, Bitcoin has been flowing out of Coinbase on a regular basis over the last few months. This is clear, as Bitcoin has outperformed any other institutional asset class in recent years, with returns of over 100% in Q1 2021.

Bitcoin bull market top to be beyond $60K as miners and whales drive BTC price higher

Following 4/12/2021 3:37:42 AM GMT Bitcoin has recorded a 101% return in Q1 this year, outperforming many traditional assets. Institutional demand continues to be a massive driver for the Bitcoin price. Miners have stopped selling the leading cryptocurrency, and Bitcoin whale addresses have been increasing.  Bitcoin has outperformed many traditional assets in the first quarter of 2021, as institutional investors have flocked to the cryptocurrency as a hedge against inflation. Bitcoin outperformed traditional assets in Q1  The world’s largest cryptocurrency has witnessed a parabolic price run in the past few months, as many governments worldwide have been easing the effects of the pandemic with new fiscal stimulus packages. 

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