After Bitcoin‘s recent price recovery from a major drop last week, triggered by a broader market downturn, has investors and traders speculating about the crypto asset’s short- and long-term performance. However, cryptocurrency analyst and trader Mags, who has delved into the current price surge, has revealed that BTC’s long-term price still looks promising, demonstrating his confidence in the coin’s potential for further gains.

Long-term outlook for Bitcoin remains strong

The crypto analyst Mags, offered his view on the crypto asset’s prospects for the community on the X platform (formerly Twitter), which is considered a major talking point among investors in the ongoing bull cycle.

Mags’ insights come at a time of recent market volatility, which has caused fear and uncertainty surrounding Bitcoin and other major cryptocurrencies. Despite these troubling market swings, Mags remains positive about the future of the largest crypto asset.

While investors worry about the BTC short term volatilityThe analysts stressed that the long-term outlook for the flagship coin remains optimistic, raising the possibility of a steady price increase. They emphasized that Bitcoin is struggling when viewed over a shorter time period.

According to the crypto expert, the price of Bitcoin has not closed below the $1,000 mark. the $60,000 support level on the monthly chart. Meanwhile, when the price drops below the $60,000 level, it immediately rises back above the level.

The message read:

Many people might say that Bitcoin is struggling when looking at lower time frames. However, the long term still looks promising. On the monthly chart, the price has not closed below the $60,000 support level. Every time the price drops below $60,000, it quickly pumps back above it.

Overall, Mags noted that while the price is hovering around the $60,000 level, it continues to stabilize above the level. highest point everHe further emphasized that if the Lower Time Frame (LTF) drops below the support level, these could be pitfalls before the price starts moving on the upward trajectory again. Therefore, he has urged crypto investors not to be deterred by the recent price fluctuations and wait for an impending rally in the coming months.

Centralized exchange reserves for BTC drop dramatically

While Bitcoin continues to struggle with a general market decline, the total amount of BTC held on centralized exchanges has dropped significantly.

According to CryptoQuanta leading provider of on-chain data, the total number of BTC The total amount of BTC held on centralized exchanges in a single month now stands at 2.68 million BTC, worth a whopping $161 billion. This is the lowest level in the past 5 years.

This drop could be a sign of a longer-term bull market, as more investors choose to hold their Bitcoin in cold storage or other forms of self-custody storage, rather than on centralized exchanges. It also underscores investors’ desire for the security that cold storage provides, which gives them more control over their funds.

Main image from Adobe Stock, chart from Tradingview.com