- Bitcoin’s price surged to $73,000 at press time, gaining momentum after a period of intense volatility.
- Veteran investor Mark Yusko believes the worst of the Bitcoin selling may already be behind us as it trades below his estimated $80,000 fair value.
- Data from Santiment shows the percentage of Bitcoin on exchanges has fallen to its lowest level since November 2017, signaling long-term accumulation.
Bitcoin’s price is surging to $73,000, gaining momentum amid a period of significant volatility according to market data. This upward movement coincides with analysis from a seasoned investor who suggests a key market phase may be concluding. Consequently, the asset is attracting attention as a potential safe haven during ongoing geopolitical uncertainty.
However, veteran investor Mark Yusko recently offered a pivotal insight, stating “the worst of the #Bitcoin selling may already be behind us.” His reasoning, shared by CryptosR_Us, is that investors naturally buy assets trading below fair value, which he estimates for Bitcoin is near $80,000. Consequently, this accumulation is believed to be stabilizing the market and building momentum for the next cycle phase.
Meanwhile, on-chain data strongly supports this accumulation thesis. According to a report from Santiment, the percentage of Bitcoin on exchanges has plummeted to its lowest level in over eight years. This significant withdrawal from trading platforms indicates a noteworthy shift toward long-term holding among investors.
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