Bitcoin Price Could Skyrocket as Bulls Prepare to Take Over

The price of Bitcoin (BTC) has been stuck in a persistent bear market for several months, currently trading at around $64,500 - a nearly 50% decline from its all-time high set last year.

Despite the negative environment and waning investors' interest, certain factors suggest that the bulls might be preparing to take over soon.

The first bullish signal comes from renowned analyst Ali Martinez, who revealed on X that BTC has formed a bullish divergence on the weekly chart. He noted that the last time this happened, the price exploded by more than 700%.

Another element is the declining amount of BTC stored on exchanges, which has dropped to approximately 2.7 million units - the lowest since late June, according to CryptoQuant. This development indicates that many investors have abandoned centralized platforms and moved their holdings to self-custody solutions, thereby reducing immediate selling pressure.

The third factor is the accumulation of coins by investors holding between 1,000 and 10,000 BTC, who have purchased 66,700 coins over the last two months - marking their strongest accumulation since February. Similar developments reduce the immediately available supply and the selling pressure.