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TechFlow news, December 11 — Cryptocurrency data research firm CryptoQuant reported that the Bitcoin supply on centralized exchanges has reached its lowest level in six years, similar to figures seen in 2017, potentially signaling a bullish trend for Bitcoin. The report noted that the decline in supply has now entered its 45th month and, based on Metcalfe's price valuation metric, forecasts Bitcoin surging to between $50,000 and $53,000 in early 2024.
On December 11, cryptocurrency data research firm CryptoQuant reported that the Bitcoin supply on centralized exchanges has reached its lowest level in six years, similar to figures seen in 2017, potentially signaling a bullish trend for Bitcoin. The report noted that the decline in supply has now entered its 45th month and, based on Metcalfe's price valuation metric, forecasts Bitcoin surging to between $50,000 and $53,000 in early 2024.
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