Bitcoin Price: Analyst predicts 'big week' for BTC, will price surge?

key point

- Analysts predict significant gains for Bitcoin this week based on on-chain data.

- Bitcoin withdrawals of $6.75 billion on major U.S. exchanges indicate bullish sentiment. - If demand remains stable, Bitcoin’s reduced supply could push prices higher.

- After last week’s strong performance, Bitcoin slipped following the release of strong U.S. employment data.

- Analysis by 10X Research shows that nearly 100,000 Bitcoins were withdrawn from exchanges last month, mainly from Kraken and Coinbase.

- Large Bitcoin withdrawals often indicate that holders intend to hold on for the long term, potentially causing a tight supply and pushing up prices.

- Current market dynamics suggest that Bitcoin may be preparing for a major breakout.

- Investors and analysts will be watching the market closely for signs of a breakout.

- This week's US Consumer Price Index (CPI) and Producer Price Index (PPI) data will be the focus of market attention.

- The Fed's interest rate decisions will also have an important impact on market sentiment.