The world’s largest cryptocurrency Bitcoin (BTC) has been flirting around $68,000 levels failing to get enough impetus to kickstart a new rally past $70,000. While the market demand for Bitcoin futures is soaring, it has yet to translate into the spot BTC price. However, there’s been a silent accumulation going on for Bitcoin over the past few months.
More than 150K Bitcoins Scooped in Just Five Months
As per the on-chain data provided by Santiment, the Bitcoin wallets holding more than 10 BTC have added over 150K BTCs just over the past five months.
On-chain data provider Santiment has pointed out a significant trend in the cryptocurrency market linked to wallets holding at least 10 Bitcoins. According to Santiment, these wallets serve as a leading indicator for market movements. Historically, when these wallets accumulate Bitcoin, the overall cryptocurrency market tends to rise. Conversely, when they offload their holdings, it often signals the onset of extended bear markets.
Thus, as shown in the above image, the Bitcoin price rallied following a similar accumulation back in October 2019. Thus, it is very likely that the Bitcoin price could follow a bull trajectory in the next year or two.
According to BitQuant, Bitcoin is currently mirroring its February-March trading pattern and is poised for a significant move that could commence at any moment. Well, if it is successful, we can see the BTC price climb to $95,000 in the coming months.
BTC Price to 2X In A Year
In a recent post on the microblogging platform X (formerly known as Twitter), renowned pseudonymous cryptocurrency analyst Cryptorphic highlighted that Bitcoin has never experienced a price correction in the year following a halving event. He emphasized that halvings are “significant events” for the cryptocurrency.
A Bitcoin halving event reduces the reward miners receive per block by half, thereby halving the new supply entering the market. Cryptorphic’s analysis revealed a compelling historical trend: after the first halving in 2012, the BTC price soared by an astonishing 8,300%. The second halving in 2016 saw a more moderate, yet still impressive, increase of 288%. The most recent halving in 2020 triggered a 540% surge within a year.
Considering these patterns, Cryptorphic suggested that Bitcoin’s price could skyrocket by 127% from its current level post-halving, potentially reaching between $115,000 and $156,000.
#Bitcoin could hit $156,000 by May 27 2025!
These green boxes represent the price action after #BTC halvings. We’ve never seen a red year after a halving.
Bitcoin halvings are significant events, here are the percentages of Bitcoin’s price increase one year after each halving… pic.twitter.com/QEmNN8OuP2— Cryptorphic (@Cryptorphic1) May 27, 2024
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
