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Bitcoin whale accumulation reaches pre-2020 bull run levels — Is BTC set to break $70K?

News Feed - 2024-06-13 01:06:00

Zoltan Vardai7 hours agoBitcoin whale accumulation reaches pre-2020 bull run levels — Is BTC set to break $70K?Bitcoin’s short-term holder realized price rose to $63,729, suggesting a definitive breakout above the $70,000 level next.3083 Total views14 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) accumulation by large holders has reached levels not seen since before the 2020 bull market. Could it propel Bitcoin’s price to a breakout above the $70,000 mark?Bitcoin whale accumulation reached 2020 levels


Bitcoin accumulation by whales, or entities holding at least 1,000 BTC, has hit a nearly four-year high last seen during 2020, according to a Bitfinex research report shared with Cointelegraph.


Referencing the chart below, the Bitfinex analysts wrote:“Adding another layer to this bullish sentiment, Bitcoin ‘whales’ are also accumulating Bitcoin at a pace reminiscent of the pre-2020 bull run. This accumulation, now at its highest in the last two months, has led to a new historical high in their Bitcoin balance.”Bitcoin Total Whale Holdings and Monthly Percent Change Source: CryptoQuant


Factors like an anticipated interest rate cut and increased institutional buying could lead to more upward momentum for Bitcoin, according to Bitfinex analysts:“Looking forward, several factors could potentially reignite Bitcoin’s upward trajectory. These include an increase in average daily ETF buying activity, a reduction in selling pressure from long-term holders, and a rise in liquidity, which could be triggered by the anticipated rate cut.”


On June 10, spot Bitcoin exchange-traded funds (ETFs) in the United States recorded their first day of net outflows in over 19 consecutive trading days. The 10 U.S. ETFs saw $64.9 million worth of outflows, according to Farside Investors.


On June 11, the U.S. Bitcoin ETFs saw over $200 million worth of negative net outflows.Bitcoin ETF Flow Table. Source: Farside


Related:63 US banks on the brink of insolvency: Why Bitcoin’s next target is $100KBitcoin short-term holder realized price at $63,700


Bitcoin has successfully confirmed the $66,000 mark as its new support on the weekly chart, according to popular crypto analyst Rekt Capital.


The analyst wrote in a June 12 X post, to his 476,000 followers:“Bitcoin has successfully retested the black Mid-Range as support (~$66,000) on the recent pullback. Any downside volatility below black is bonus territory.”BTC weekly support. Source: Rekt Capital


Meanwhile, Bitcoin’s short-term holder realized price rose to $63,729 on June 11, according to LookIntoBitcoin. During bull cycles, the short-term holder realized price often acts as a dynamic support line for Bitcoin’s price.Bitcoin: Short-term holder realized price. Source: LookIntoBitcoin


But Bitcoin’s price has been stuck despite the increasing realized price, mainly due to the distribution of older coins, according to Thomas Fahrer, co-founder of Apollo. He wrote in a June 12 X post:“We simply have to wait it out until we complete the market ‘reset’ which sets a new floor. Then $65,000–$70,000 becomes a base much in the same way $10,000 became a base in 2020.”


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Bitcoin Analysis# Markets# Bitcoin ETFAdd reaction