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Bitcoin (BTC) Price Rally Is Far From Over as Crypto Exchanges See No Increase in Deposits

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Tue, 02/11/2020 - 20:39
Alex Dovbnya
Bitcoin (BTC) investors are not rushing to cash out their coins, which means that this ongoing rally has plenty of room for growth
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Blockchain analytics firm Glassnode recently noted that cryptocurrency exchanges haven't seen an upsurge in new deposits after the Bitcoin (BTC) price jumped to $10,000. Hence, there is a good chance that the biggest coin is yet to reach the top of its rally. 

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Bitcoiners refuse to cash out 

The chart below shows that a rapid increase in the number of deposits to exchanges would historically mark the end of every bull trend. Back in January 2018, shortly after BTC reached its current all-time high of $20,000, nearly 200,000 of them were made over a seven-day period as many Bitcoiners were willing to cash out. 

image by @glassnode

Similarly, it indicated the top of the 2019 rally but the spike was significantly less dramatic. 

This time around, there is no sign that investors are going to sell anytime soon given that the number of deposits remains flat.  

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Halvening FOMO kicks into high gear

Given that BTC is less than three months from its highly-anticipated halving event, it's fully understandable why investors are reluctant to take profits right now. 

As reported by U.Today, Fundstrat's Tom Lee believes that BTC could skyrocket to $40,000. Meanwhile, trading vet Peter Brandt has a $100,000 bull target for 2020.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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