According to @rovercrc, Bitcoin held on exchanges is plummeting, signaling tighter spot supply that traders often interpret as supportive for upward price momentum in BTC (source: @rovercrc). According to @rovercrc, the drawdown is driven primarily by institutional accumulation, which they view as a key catalyst for a potential supply squeeze in the crypto market (source: @rovercrc). According to @rovercrc, expectations of a freer market under Trump’s term further strengthen their bullish thesis for BTC in the current environment (source: @rovercrc).

According to Eric Balchunas, Standard Chartered predicts Bitcoin will reach $500,000 by the end of Donald Trump's term. This ambitious forecast comes after their previous accurate prediction regarding Bitcoin ETF flows. Traders should consider the potential impact of such a bullish outlook on market sentiment and trading strategies.