Earlier this week, when Bitcoin fell below $63,000, investors committed to Bitcoin added $1.7 billion worth of Bitcoin to “accumulation” wallet addresses in a single 24-hour period, indicating their strong confidence that the cryptocurrency will rebound at that price point.
According to CryptoQuant, wallet addresses with no withdrawal history, holding more than 10 bitcoins and not belonging to exchanges or miners added 27,700 bitcoins between April 16 and 17.
This massive accumulation set a new daily record, surpassing the 25,500 Bitcoins snapped up by these addresses on March 23, when the market leader’s price was hovering around $63,500.
Bitcoin may enter a re-accumulation phase after halving
Multiple analysts predict that the weeks leading up to the halving will be the last chance for investors to acquire Bitcoin before the expected post-halving rally.
One of those anonymous traders, Rekt Capital, told his 453,000 followers in a tweet on April 17 that Bitcoin’s movement was similar to past halving cycles. He said Bitcoin’s 14% drop from its March 13 all-time high of $73,600 was expected and part of a “pre-halving pullback.”
#BTC
The 3 Phases of Bitcoin Halving
1. The last retracement before halving
In more than a month, Bitcoin experienced two 18% retracements before the halving.
In mid-March, Bitcoin retraced 18% before recovering to $70,000, and now in mid-April, Bitcoin has retraced 18% again
this…
pic.twitter.com/2BKBQXpPOV
— Rekt Capital (@rektcapital)
April 17, 2024
The trader believes that after the halving scheduled for April 20, Bitcoin will enter a re-accumulation phase.
“Historically, this phase has typically lasted more than a year (about 385 days), however in the current market cycle this time could be cut in half due to the potential for an acceleration cycle,” he said.
Goldman Sachs warns against using past halvings to predict Bitcoin’s performance after this event
Goldman Sachs holds a different view. The investment banking giant warned investors not to use past Bitcoin halving cycles to predict how Bitcoin will perform after this upcoming event. The firm said this halving event may be different due to the current macro conditions.
In previous halving cycles, demand for risky assets was high as interest rates in most developed economies remained at or below zero. But now that U.S. interest rates have exceeded 5%, analysts are increasingly skeptical about whether there will be a rate cut this year.
Marcus Thielen, founder of 10X Research, warned in an April 16 research note that stock and cryptocurrency markets may be approaching a “critical turning point” that could see a sharp correction. He cited persistent inflation, the possibility of fewer interest rate cuts than expected this year, and rising bond yields as reasons.
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