Record $1.7B in Bitcoin Deposited as Price Dips Below $63,000: Pre-Halving Buying Surge Predicted
Summary:
As Bitcoin's price dropped below $63,000 earlier this week, hardcore BTC holders transferred a record $1.7 billion worth of Bitcoin to their 'accumulation' wallets in a single day. These signals point towards a trend of positive buying behavior around the $63,000 mark, strengthening investor confidence in the currency. Market analysts also suggest that the recent dip in Bitcoin value is part of a "pre-halving retrace" process and expect a price surge in a potential "re-accumulation phase" post the halving event, slated for April 20.
A record $1.7 billion worth of Bitcoin (BTC) was deposited into 'accumulation' wallet addresses in one day when the Bitcoin price dipped below $63,000 earlier this week. The latest data from CryptoQuant reveals that within a 24-hour slot between April 16th and 17th, over 27,700 BTC, which currently equates to $1.75 billion, were moved into accumulation addresses, creating a new all-time high for Bitcoin. The previous record achieved on March 23 this year was when 25,500 BTC was moved into accumulation addresses in a single day, coinciding with the Bitcoin price also circling around $63,500. This data indicates a surge in eager purchasing around the $63,000 bracket, hinting that large, long-term investors are still confident in obtaining and holding onto Bitcoin. An accumulation address is a Bitcoin wallet with no prior withdrawals and a balance exceeding 10 BTC. These addresses have been filtered out to exclude wallets connected to Bitcoin miners and cryptocurrency exchanges and have been active at some point in the past seven years. Several market analysts, including anonymous trader Rekt Capital, have implied that the initial few months of this year may be the final opportunity for investors to acquire Bitcoin at "discount prices" before a rally event post-halving. Rekt Capital tweeted to their 453k followers on April 17 that the Bitcoin price movement was following a pattern similar to previous halving cycles. Rekt elaborated that the recent dip, leading to Bitcoin plummeting over 14% from its $73,600 highest record on March 13, was a foreseen part of a "pre-halving retrace" process. They suggested that following the halving event, currently expected for April 20, Bitcoin could experience a "re-accumulation phase." Rekt detailed that traditionally, this phase has continued for slightly over a year (around 385 days), but an ongoing Accelerated Cycle could potentially shorten this duration by half during this market cycle.
Published At
4/19/2024 5:12:34 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.