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Bitcoin

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Rekt

<p>Santiment reported an interesting trend in Bitcoin wallet distributions:</p>
<p><em>“#Bitcoin’s wallets holding 1 or less $BTC hold their most coins ever, as they aggressively picked up their accumulation since the beginning of November. Mid-tier wallets are slightly down in the past couple months, while whales have increased.”</em></p>
<p>This indicates that smaller retail investors have been accumulating Bitcoin more aggressively since early November, likely taking advantage of prices under $35,000. Meanwhile, whales (wallets with large balances) have also increased their holdings, potentially anticipating higher prices. However, mid-sized wallets slightly decreased over the past couple months, possibly taking profits during rallies</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="690" src="https://captainaltcoin.com/wp-content/uploads/2023/12/image-513-1024x690.png" alt="" class="wp-image-402114" srcset="https://captainaltcoin.com/wp-content/uploads/2023/12/image-513-1024x690.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-513-300x202.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-513-767x517.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-513-1536x1035.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-513-2048x1381.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-513-223x150.png 223w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-513-100x67.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-513-519x350.png 519w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-513-788x531.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>.</p>
<p>This on-chain data suggests strong retail and institutional interest under $35k, which could provide support on further pullbacks. The appetite for accumulation indicates potential for a bullish trend reversal if momentum continues building.</p>
<p>In terms of price action, Bitcoin is currently trading around $42,600, up 2.5% in the last 24 hours. This is still below its yearly peak of over $44,000 reached in early December when optimism spread about a potential bottom.</p>
<p>Support around $42k aligns with the 21-week exponential moving average, an important technical indicator that could propel Bitcoin higher if convincingly broken.</p>
<p>Crypto analyst Rekt Capital also <a href="https://x.com/rektcapital/status/1736812778726601085?s=20" target="_blank" rel="noopener noreferrer nofollow">cited</a> an intriguing four-year cycle pattern that Bitcoin has followed from halving to halving:</p>
<p><em>“Bitcoin has never broken its Four Year Cycle resistance (black) in a Pre-Halving year (Candle 3) But in the new Candle 4 (2024) Bitcoin will comfortably break beyond $46000”</em></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="695" src="https://captainaltcoin.com/wp-content/uploads/2023/12/image-514-1024x695.png" alt="" class="wp-image-402122" srcset="https://captainaltcoin.com/wp-content/uploads/2023/12/image-514-1024x695.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-514-300x204.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-514-768x521.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-514-1536x1042.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-514-2048x1390.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-514-221x150.png 221w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-514-100x68.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-514-516x350.png 516w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-514-788x534.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-514.png 2000w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>This suggests Bitcoin is still in its third year after the 2020 halving and has not yet broken its four-year resistance level around $46k. If past cycles repeat, Rekt expects 2024 (the fourth year) to witness a comfortable breakout over $46,000 as adoption continues growing post-halving.</p>
<p>In summary, on-chain and price data indicate growing retail and institutional interest, technical and macro support near current levels, and historic upside potential in 2024 once the four-year halving cycle progresses further. These insights provide cautious optimism for patient Bitcoin investors over the medium to long term.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-btc-on-chain-data-shows-growing-accumulation-appetite/" rel="noopener noreferrer nofollow">Bitcoin (BTC) On-Chain Data Shows Growing Accumulation Appetite</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin (BTC) On-Chain Data Shows Growing Accumulation Appetite

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