Abuja, Nigeria – E be like say Bitcoin don pick another level! Dis week, Bitcoin (BTC) exchange reserves don sharply drop to six-year low of $2.38 million, and you know wetin dat means? Bullish vibes don start to scatter for the crypto market. Traders dey rejoice like say dem just enter party! (I mean, who no like good news?)
Data wey reach una hand show say as people dey remove dem Bitcoin from exchanges, e dey increase price. Na so e be! When people dey hold dem coins tight instead of selling, price dey climb like say dem get rocket boosters for dem heels. No be so? (All dem hodlers just dey rub hand dey wait for sweet profits!)
As October dey unfold, traders dey look forward to wetin dem dey call ‘Uptober’. Last year, dis month na when Bitcoin begin dey shine shine! So, wetin we fit expect this year? Analysts don dey talk say we fit see some serious upward movements, especially as institutional investors don join the party, dey showcase more interest in Bitcoin through ETF inflows. Last week alone, Bitcoin institutional volume don hit new heights wey follow macro factors from the US wey be like wahala for government.
As traders dey celebrate, na major outflows from centralized exchanges dey push Bitcoin up. E get as Bitcoin dey climb, yet some people still dey cautious. E no dey surprise, because unless dem see major inflows back to the exchanges, na quiet time e go be. If dem start to sell, e fit shake the market small. (But who wan sell when e dey sweet like dis?)
Whale numbers don increase sharply, meaning larger players dey jump into Bitcoin more than ever before. Na so dem dey prepare for long-term holding. Dem dey see am like safe haven against currency chaos wey dey happen for everywhere – especially with US government shutdown and the dollar wobbling like say e get headache.
Altcoins like Ethereum (ETH), XRP, and Solana (SOL) dey also dey enjoy some sweet vibes, but na Bitcoin be the real star of this show. Some analysts don dey predict say we go see positive trends by year end. Even if altcoins no dey carry the same fire, everybody dey patiently look on top Bitcoin performance.
So, as we dey move into the end of dis year, make we keep eyes on wetin dey happen for market. Bitcoin don dey shine, and the journey look like e never go stop anytime soon. E don enter history books again. Who know? We fit fit reach new highs wey go make everybody reason about the power of crypto. (And abeg, make una no forget to take small profit when time reach. No be only champagne for the good life, sometimes na withdraw fit make sense too!).
Do you have a news tip for NNN? Please email us at editor@nnn.ng
