Bitcoin Rallies Past $90k As 40,000 BTC Exit Crypto Exchanges in A Week

Bitcoin (BTC) extended its impressive rally on Wednesday, building on Sundays 30% surge and briefly reaching $93,434 earlier in the day.

This latest spike comes on the heels of a robust week for the leading cryptocurrency, as global markets responded positively to Donald Trumps re-election as U.S. president. Notably, Trump, known for his pro-crypto stance, has promised to reduce regulatory hurdles and support Bitcoins growth, a move widely embraced by the cryptocurrency industry. His victory has also fueled expectations of a more crypto-friendly U.S. economy, especially if he follows through on reforming financial oversight agencies, including the U.S. Securities and Exchange Commission (SEC).

This political backdrop and rising institutional and retail demand have significantly fueled Bitcoins ongoing surge, evidenced by substantial exchange outflows. On Monday, popular crypto analyst Ali Martinez highlighted that around 40,000 BTC worth approximately $3.6 billion had been withdrawn from exchanges over the past week, a clear signal of increasing long-term confidence among investors.

Elsewhere, crypto analysis firm CryptoQuant analysts further clarified that Binance had seen a substantial portion of these Bitcoin withdrawals, noting, Weve witnessed a massive Bitcoin withdrawal from Binancethis is the highest level observed this year.

Seeing such a significant withdrawal as BItcoin reaches its all-time high is very encouraging. It indicates that investors have developed a growing confidence in the crypto market and are anticipating a bullish continuation, they added.

Moreover, Bitcoins dominance has risen to 60.1% of the total cryptocurrency market capitalization, highlighting its resilience relative to other digital assets like Dogecoin, Ethereum, and XRP, which have experienced slight declines despite posting great profits.

Meanwhile, some analysts have warned of potential corrections despite Bitcoins bullish momentum. Ki Yoon Ju, CEO of CryptoQuant, suggested that if over-leveraged positions in the derivatives market dont cool off, Bitcoin might experience a pullback toward $58,974 before the end of the year. However, he remained cautiously optimistic, noting that a measured correction could help consolidate gains and maintain a healthy market structure.

If correction and consolidation occur, the bull run may extend; however, a strong year-end rally could set up 2025 for a bear market, imo. He tweeted on Sunday.

Meanwhile, market experts such as Tom Lee and Bernstein analysts maintain bullish forecasts, with targets reaching up to $100,000 by years end. Veteran analyst Peter Brandt also sees Bitcoins recent breakout from a complex inverted head-and-shoulders pattern as a setup for a significant rally, potentially pushing BTC toward $240,000 or higher in this bull cycle.

BTC traded at $90,648 at press time, reflecting a 2.48% surge over the past 24 hours.

Text source: ZyCrypto

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