As a researcher with a background in cryptocurrencies and data analysis, I find the recent trend of Bitcoin accumulation by large wallets to be an intriguing development. Based on the on-chain data from Santiment, it appears that these wallets holding more than 10 Bitcoins have amassed over 150,000 BTCs in just the past five months. Historically, this trend has been a leading indicator for market movements and has coincided with bullish price action.
As a researcher studying the cryptocurrency market, I’ve noticed that Bitcoin (BTC) has hovered near the $68,000 mark recently, struggling to gain enough momentum and surpass the $70,000 threshold for a new rally. Despite a significant increase in demand for Bitcoin futures contracts, this trend hasn’t yet reflected positively on the spot price of BTC. However, an intriguing development has been unfolding in the background over the past few months: a quiet accumulation of Bitcoin by investors.
More than 150K Bitcoins Scooped in Just Five Months
According to the latest data from Santiment’s on-chain analysis, approximately 150,000 Bitcoins have been accumulated in wallets containing over 10 BTCs during the last five months.
As a crypto investor, I’ve been closely monitoring the market trends based on data from on-chain analytics provider Santiment. They’ve identified a notable pattern linked to wallets holding a minimum of 10 Bitcoins. These large Bitcoin wallets act as a reliable predictor for market swings.
Based on the graph presented earlier, Bitcoin’s price experienced a surge after exhibiting a pattern of accumulation reminiscent of October 2019. Consequently, there is a strong possibility that Bitcoin’s price will continue to trend upward over the next year or two.
Based on BitQuant’s analysis, Bitcoin appears to be following the same path as its February-March trend and could potentially make a substantial move imminently. If this trend continues, the value of Bitcoin may rise to reach approximately $95,000 in the near future.
BTC Price to 2X In A Year
In a recent post on microblogging platform X, well-known pseudonymous cryptocurrency analyst Cryptorphic pointed out an intriguing observation: Bitcoin has never undergone a price correction in the year following a halving event. He underscored that these occurrences carry great significance for Bitcoin.
A Bitcoin halving reduces the payment given to miners for each block they mine by half, consequently decreasing the fresh supply added to the market by 50%. Historical data from Cryptorphic indicates that following the initial halving in 2012, the price of Bitcoin experienced a remarkable increase of approximately 8,300%. The second occurrence in 2016 resulted in a more measured yet significant rise of around 288%. The most recent halving in 2020 brought about a substantial surge of over 540% within the following year.
Based on the historical trends I’ve observed as a crypto investor, Cryptorphic’s analysis indicates that Bitcoin’s price could experience a significant surge of up to 127% following its halving event. This potential price range lies between $115,000 and $156,000.
#Bitcoin could hit $156,000 by May 27 2025!
After each Bitcoin halving, these green boxes signify the ensuing price trends. Notably, the market has yet to experience a red year in the year following a halving. Here’s how the Bitcoin price has grown one year post-halving:
— Cryptorphic (@Cryptorphic1) May 27, 2024
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2024-05-30 08:02