A recurring pattern that has been observed during each Bitcoin halving is volatility. With the following event right around the corner, Bitcoin dumped over 10% in the past week, sliding to $62,778.
But despite a series of price corrections, the accumulation game remains strong among Bitcoin holders.
Popular crypto analyst Ali Martinez’s latest findings reveal a significant movement of more than 27,700 BTC, equivalent to approximately $1.72 billion, into accumulation addresses amidst Bitcoin’s recent dip below the $63,000 mark.
This influx suggests a substantial interest from investors in accumulating the leading cryptocurrency, possibly anticipating price appreciation.
Further validating this trend is CryptoQuant’s latest analysis, which revealed that Bitcoin inflows to accumulation addresses surged to a new record high, surpassing the previous all-time high of 25,100 BTC recorded on March 22, 2024.
“Accumulation Addresses” are defined by several criteria, including the absence of outgoing transactions, a balance exceeding 10 BTC, exclusion of accounts affiliated with centralized exchanges or miners, reception of more than two incoming transactions, and the occurrence of a single one within the last seven years.
This data suggests a significant influx of Bitcoin into addresses associated with long-term holding strategies, indicating growing confidence among investors.
Another interesting analysis by prominent trader ‘Rekt’ suggests that Bitcoin’s ongoing correction phase is potentially drawing to a close. This would mean that the markets are poised to transition into a re-accumulation phase post-halving, during which Bitcoin is anticipated to hit a range low and then trade sideways, extending into and beyond the event.
Historical data suggests that this “re-accumulation” phase typically lasts for several months, with Bitcoin maintaining a sideways trajectory. Drawing parallels to previous halving cycles, Bitcoin remained range-bound for approximately five months following both the 2016 and 2020 halving events.
If history repeats itself, markets could hover at elevated levels around the high $50k range until around October.
The post $1.72B Worth of Bitcoin Moved to Accumulation Addresses After Dip Below $63K: Data appeared first on CryptoPotato.
But despite a series of price corrections, the accumulation game remains strong among Bitcoin holders.
Accumulation Addresses See Record Bitcoin Inflows
Popular crypto analyst Ali Martinez’s latest findings reveal a significant movement of more than 27,700 BTC, equivalent to approximately $1.72 billion, into accumulation addresses amidst Bitcoin’s recent dip below the $63,000 mark.
This influx suggests a substantial interest from investors in accumulating the leading cryptocurrency, possibly anticipating price appreciation.
Further validating this trend is CryptoQuant’s latest analysis, which revealed that Bitcoin inflows to accumulation addresses surged to a new record high, surpassing the previous all-time high of 25,100 BTC recorded on March 22, 2024.
“Accumulation Addresses” are defined by several criteria, including the absence of outgoing transactions, a balance exceeding 10 BTC, exclusion of accounts affiliated with centralized exchanges or miners, reception of more than two incoming transactions, and the occurrence of a single one within the last seven years.
This data suggests a significant influx of Bitcoin into addresses associated with long-term holding strategies, indicating growing confidence among investors.
Re-Accumulation Phase Post Bitcoin Halving
Another interesting analysis by prominent trader ‘Rekt’ suggests that Bitcoin’s ongoing correction phase is potentially drawing to a close. This would mean that the markets are poised to transition into a re-accumulation phase post-halving, during which Bitcoin is anticipated to hit a range low and then trade sideways, extending into and beyond the event.
Historical data suggests that this “re-accumulation” phase typically lasts for several months, with Bitcoin maintaining a sideways trajectory. Drawing parallels to previous halving cycles, Bitcoin remained range-bound for approximately five months following both the 2016 and 2020 halving events.
If history repeats itself, markets could hover at elevated levels around the high $50k range until around October.
The post $1.72B Worth of Bitcoin Moved to Accumulation Addresses After Dip Below $63K: Data appeared first on CryptoPotato.
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