Each time Bitcoin goes through a halving, there’s a consistent trend of increased volatility. Recently, as the next halving approaches, Bitcoin experienced a significant drop, falling from $69,000 to $62,778 – a loss of over 10%.
Although Bitcoin’s price has experienced several adjustments, the trend of investors buying and holding it continues to be robust.
Accumulation Addresses See Record Bitcoin Inflows
According to well-known crypto analyst Ali Martinez’s latest investigation, over $1.72 billion worth of Bitcoin (equivalent to around 27,700 coins) has been transferred into storage wallets during Bitcoin’s recent dip below the $63,000 price mark.
The large number of investors buying up the top cryptocurrency indicates significant demand and could be a sign that they expect its value to increase.
Approximately 27,700 bitcoins, equivalent to roughly $1.72 billion, have been moved to holding wallets since the price of #Bitcoin dipped under $63,000.
— Ali (@ali_charts) April 18, 2024
The latest analysis from CryptoQuant adds credence to this upward trend as they reported an unprecedented increase in Bitcoin deposits into saving wallets, exceeding the previous record of 25,100 BTC set on March 22, 2024.
“Addresses referred to as ‘Accumulation Addresses’ meet certain conditions: they haven’t sent any transactions out, their balance is over 10 Bitcoins, they’re not linked to centralized exchanges or mining operations, they’ve received more than two transactions in total, and there’s at least one transaction within the past seven years.”
The data indicates that a large amount of Bitcoin is being transferred to wallets following long-term investment approaches, suggesting increasing trust from Bitcoin investors.
Re-Accumulation Phase Post Bitcoin Halving
Prominent trader ‘Rekt’ proposes an intriguing perspective on Bitcoin’s ongoing correction. If this analysis holds true, the correction may soon reach its end, leading us into a re-accumulation phase following the halving event. During this period, Bitcoin’s price is expected to touch its lowest range and then stabilize, trading sideways both during and beyond the halving.
Based on past trends, it’s likely that this “re-accumulation” stage will continue for several months. During this time, Bitcoin tends to move in a sideways pattern, as seen after the 2016 and 2020 halving cycles. In simpler terms, Bitcoin has a habit of staying within a specific price range for about five months following each halving event.
Based on historical trends, markets may stay at lofty heights around the $50k mark until approximately October.
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2024-04-18 16:22