BTC price is poised to reach new all-time highs, with the halving just three weeks away.
Bitcoin wallets with 10 to 10,000 BTC holdings are experiencing significant accumulation.
The broader macro risk-off event may lead to a further surge in BTC price, potentially reaching new all-time highs.
The price of Bitcoin (BTC) has seen a strong recovery, surpassing $70,000 again and setting its sights on a new all-time high. The cost of Bitcoin is $70,606, showing a 5.5% increase, and has a market capitalization of $1.388 trillion. This resurgence aligns with the recent rise in net positive inflows for Bitcoin exchange-traded funds (ETFs) after a period of strong outflows.
Will Bitcoin Price Reach a New All-Time High?
According to a recent analysis by QCP Capital, the price of Bitcoin could surpass its previous record and significantly jump towards the highly sought-after $100,000 mark.
BTC has shown impressive upward momentum, surpassing $70,000 overnight according to the analysis,. Reports indicate that the surge in activity stemmed from the announcement that the London Stock Exchange plans to launch trading of Exchange-Traded Notes (ETNs) for Bitcoin and Ethereum (ETH) in May.
In addition, QCP Capital also mentioned that unless there is a significant macro risk-off event, it seems more probable that the next upward movement will occur soon.
Bitcoin Experiences Significant Accumulation
Bitcoin’s price has soared to $70,000, leaving traders worldwide astonished, according to on-chain data provider Santiment. The surge resulted from a significant increase in Bitcoin holdings by important stakeholders, making it one of the most notable accumulation days in recent history.
As per Santiment’s data, on Sunday, wallets with holdings ranging from 10 to 10,000 Bitcoin collectively acquired an impressive 51,959. This acquisition accounts for approximately 0.263% of the total available supply. This increase in accumulation coincides with the cryptocurrency community nearing the final three weeks before the halving event on April 19th. Nathanaël Cohen, co-founder at INDIGO Fund, a digital-asset hedge fund, stated:
Despite the slowdown in ETF inflows, there is strong demand in the market, as indicated by the loaded order books on the bid side, which is around the 60k area. This suggests that investors are keen to take advantage of any market dips. Acquiring lower-level liquidity is important to attract interest and create upward momentum.
Based on the analysis of Bitcoin expert PlanB, a bull market typically occurs during each halving period of around 210,000 blocks, resulting in a significant increase in the price of Bitcoin. It’s important to recognize that these price surges do not suggest the presence of bubbles but rather signify significant shifts in fundamentals, structural milestones, and phase transitions. This trend is evident in the actual price, which stabilizes before the next substantial increase. Halvings are considered significant events in the world of Bitcoin.
Every halving period (210,000 blocks, ~4y) there is a bull market in which bitcoin price pumps. Now listen carefully: these price pumps are NOT bubbles, but fundamental jumps, structural events, phase changes. You can see it in the realized price, which flattens, until the next… pic.twitter.com/qIU1x6Bw7R
— PlanB (@100trillionUSD) March 24, 2024
