Bitcoin

when

April

Rekt

<p>Leading&nbsp;cryptocurrency&nbsp;Bitcoin&nbsp;has&nbsp;experienced volatile movements over the last few weeks. Despite its volatility, staunch&nbsp;holders of the asset&nbsp;recently added about $1.7 billion worth of Bitcoin to wallet addresses used for accumulation. The&nbsp;holdlers&nbsp;of the asset made these significant deposits in a day when the asset saw a decline to trade under $63,000.</p> 
<h2 class="wp-block-heading" id="bitcoin-records-boost-in-accumulator-walletdeposits">Bitcoin records boost in accumulator wallet&nbsp;deposits</h2> 
<p>According to <a href="https://cryptoquant.com/community/dashboard/660025a1c5dce70945da9714" rel="nofollow noopener" target="_blank">data</a> from CryptoQuant, the $1.7 billion worth of the asset is around 27,000 BTC in the present market. The transactions were made from April 16 to 17, setting a new daily record for Bitcoin.&nbsp;<br></p> 
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 <img decoding="async" width="1153" height="723" src="https://www.cryptopolitan.com/wp-content/uploads/2024/04/IMG_7812.jpeg" alt="" class="wp-image-513834" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/04/IMG_7812.jpeg 1153w, https://www.cryptopolitan.com/wp-content/uploads/2024/04/IMG_7812-300x188.jpeg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/04/IMG_7812-768x482.jpeg 768w" sizes="(max-width: 1153px) 100vw, 1153px">
 <figcaption class="wp-element-caption"> <strong>Number of Bitcoin sent to accumulation addresses. Source: CryptoQuant.</strong>
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<p>The previous record, 25,000&nbsp;BTC&nbsp;was also made&nbsp;on March 23 when the&nbsp;price of the digital asset&nbsp;was around $63,500.&nbsp;This data proves that traders have been buying the asset when the price is close to that range. It also suggests that long-time&nbsp;holders of the asset&nbsp;are not panicking due to the volatility.</p> 
<p>An accumulation address is a Bitcoin wallet with only a history of deposits and holds about 10 BTC. Addresses that belong to exchanges and miners have&nbsp;been removed&nbsp;from the list of these accumulation addresses. The addresses were also active in the market&nbsp;at a point&nbsp;over the last seven years. With the halving event coming up, there has been a lot of discussion in that regard.</p> 
<h2 class="wp-block-heading" id="analyst-predicts-positive-posts-halvingrally">Analyst predicts positive posts-halving&nbsp;rally</h2> 
<p>According to pseudonymous trader Rekt, this is the last <a href="https://twitter.com/rektcapital/status/1780664769692786834" rel="nofollow noopener" target="_blank">period</a>&nbsp;that traders&nbsp;can buy a lot of the asset before its post-halving rally. The trader noted that the asset is presently experiencing the same cycle that it has undergone across its previous halvings.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#BTC</a><br><br>3 Phases of The Bitcoin Halving<br><br>1. Final Pre-Halving Retrace<br><br>Bitcoin has produced two -18% retraces prior to the Halving in the span of just over a month<br><br>In mid-March, BTC pulled back -18% before recovering to $70000 and now in mid-April BTC has retraced -18% again<br><br>This… <a href="https://t.co/2BKBQXpPOV" rel="nofollow" target="_blank">pic.twitter.com/2BKBQXpPOV</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1780664769692786834?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">April 17, 2024</a>
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<p>Rekt&nbsp;noted&nbsp;that the recent price correction is a pre-halving ritual as he expects the asset to push back up significantly.&nbsp;Noticeably, Bitcoin suffered a 14% dip after&nbsp;it recently touched&nbsp;an all-time high&nbsp;figure&nbsp;on March 13.</p> 
<p>With the upcoming halving set for April 20, Rekt feels that Bitcoin could&nbsp;be set&nbsp;for a re-accumulation phase. The trader noted that once Bitcoin leaves the re-accumulation stage, it will start a parabolic uptrend. “Historically, this phase has lasted just over a year (~385 days)&nbsp;however&nbsp;with&nbsp;a potential Accelerated Cycle occurring right now, this figure may get cut in half in this market cycle,” he said.</p>

Bitcoin hodlers sent $1.7 billion to accumulation wallets

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