16 September 2024
Investors are once again accumulating Bitcoin (BTC) despite previous price declines. Reports indicate that approximately $1.3 billion worth of Bitcoin has been withdrawn from various crypto exchanges, signaling a renewed interest and confidence in the leading cryptocurrency.
Bitcoin Accumulation Frenzy Resumes
Data from IntoTheBlock has revealed a new accumulation trend amongst Bitcoin investors. According to the financial service platform, roughly $1.29 billion worth of BTC has exited various Centralized Exchanges (CEXs) in the last week.
This development signals a shift in investors’ sentiment from a previously bearish stance. Just this September, Bitcoin has experienced severe price fluctuations and volatility, raising concerns amongst investors about the cryptocurrency’s future outlook. There have even been reports of liquidation in the market, with analysts noting that September is historically a bearish period for the crypto market.
With Bitcoin now seeing renewed momentum and experiencing a price surge above the $60,000 mark, investors’ interest in the cryptocurrency has resurged. Based on IntoTheBlock’s report, the majority of Bitcoin outflows, amounting to 12,420 BTC, from crypto exchanges occurred on Tuesday, September 10. During this time, the price of the cryptocurrency had been trading below $60,000, suggesting that investors were accumulating in anticipation of a potential price surge.
Apparently, Bitcoin holders had begun selling their holdings and taking profits around Friday, September 13. ITB’s data also revealed that 82% of BTC investors are currently making gains, while 13% are in loss. Interestingly, this accumulation trend has extended its influence towards Bitcoin whales. In an X (formerly Twitter) post on September 14, popular crypto trader, Ash Crypto, unveiled a lofty Bitcoin transaction involving the purchase of 1,062 BTC, valued at $64 million by an anonymous whale.
With the new Bitcoin addition, the unidentified whale now holds a whopping 10,043 BTC, worth approximately $600 million, based on exchange rates at the time. This move by the whale is also an indication that the market is transitioning into a more bullish and positive sentiment. This trend is common after a market correction or a decline in a cryptocurrency, where prices have reached a perceived low.
Will BTC’s Price Hit $75,000?
The recent spike in Bitcoin accumulation indicates that investors are now looking favorably at the cryptocurrency, possibly anticipating a price increase in the future. This new trend could potentially trigger a rally to new all-time highs around $75,000 if it continues.
Earlier this year, when Bitcoin accumulation was at one of its highest, the price of the cryptocurrency had surged to its current all-time high of above $73,000. This bullish development could reoccur as demand and interest in the cryptocurrency surges.
Although Bitcoin saw a rise above $60,000 over the past week, its price is now down by 2.37% and currently trading at $58,739, according to CoinMarketCap.