Bitcoin

April

Billion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Ki Young Ju of CryptoQuant observed a pattern in Bitcoin’s market activity reminiscent of mid-2020, characterized by high on-chain activity. </a> </li> 
 <li> <span>2</span> <a>Blockchain analytics firm Santiment reports that large investors, or ‘whales,’ are actively accumulating Bitcoin.</a> </li> 
</ul>  
<p>The CEO of <strong>CryptoQuant, Ki Young Ju</strong>, noted that <strong>Bitcoin</strong> is following a similar pattern to mid-2020. Ki describes the Bitcoin whale accumulation in 2024 as similar to that of mid-2020. He also highlights the high on-chain activity in Bitcoin and the low price volatility, signaling the potential bullish momentum.</p> 
<h2 class="wp-block-heading" id="strong-bitcoin-high-on-chain-activity-lets-decode-strong"><strong>Bitcoin High On-Chain Activity Lets Decode</strong></h2> 
<p>The CEO of CryptoQuant, Ki Young Ju, has pointed out similarities between <strong>Bitcoin </strong>market activity in 2024 and mid-2020, suggesting potential bullish trends due to high on-chain activity despite low price volatility.</p> 
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Same vibe on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> as mid-2020.<br><br>Back then, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> hovered around $10k for 6 months with high on-chain activity, later revealed as OTC deals.<br><br>Now, despite low price volatility, on-chain activity remains high, with $1B added daily to new whale wallets, likely custody. <a href="https://t.co/1TcC7BwNUb">https://t.co/1TcC7BwNUb</a> <a href="https://t.co/o3N1AHxSJm">pic.twitter.com/o3N1AHxSJm</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1796409304108737003?ref_src=twsrc%5Etfw">May 31, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
<p>He highlighted the high on-chain activity and a sharp increase in Bitcoin accumulation, drawing parallels to the accumulation phase seen in 2020, when Bitcoin had surged to $64,000 by April 2021.</p> 
<p>Despite low volatility, on-chain activity remains high, with $1 Billion added daily to new whale wallets, indicating potential Bitcoin accumulation by whales and increased market interest.</p> 
<h3 class="wp-block-heading" id="strong-bitcoin-sharks-and-whales-are-increasing-strong"><strong>Bitcoin Sharks and Whales are Increasing</strong></h3> 
<p>According to a recent analysis by <a href="https://www.thecoinrepublic.com/2024/05/12/i-am-a-huge-fan-of-blockchain-said-ceo-franklin-templeton/" target="_blank" rel="noreferrer noopener">blockchain </a>analytics firm Santiment, large investors, known as “<strong>sharks” and “whales</strong>,” have been actively accumulating Bitcoin during market downturns, potentially viewing them as buying opportunities and then selling during periods of market revival or anticipation of increased institutional adoption.</p> 
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> Historically, one of crypto's top leading indicators is the collective holdings of wallets with at least 10 Bitcoin (exchanges or otherwise). When they accumulate, cryptocurrencies rise. When they dump, extended bear markets come. What do you think about this chart? <a href="https://t.co/U7ZBrdvaUi">pic.twitter.com/U7ZBrdvaUi</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1795975313039716594?ref_src=twsrc%5Etfw">May 30, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
<p>Data shows that the collective <strong>holdings of Bitcoin</strong> wallets containing at least 10 BTC have increased significantly in the past five months, with this cohort adding 154,560 BTC during the same period.</p> 
<p>The accumulation by these large investors indicates a bullish phase with rising market price. Experts predict that Bitcoin could be poised for a fresh peak between October 2024 and March 2025.</p> 
<h3 class="wp-block-heading" id="strong-bitcoin-price-on-the-technical-chart-strong"><strong>Bitcoin Price on the Technical Chart&nbsp;&nbsp;</strong></h3> 
<p>At press time, the Bitcoin price was trading at $68,398 with an intraday surge of 0.09%. This week, BTC did not show any major moments and traded between a zone of 67,000 and 70,000, demonstrating a range-bound moment.</p> 
<p>Moreover, despite low price volatility, the current trend of whale accumulation and high on-chain activity suggests a potential bullish momentum for Bitcoin, with predictions of a new peak between October 2024 and March 2025.</p>

Bitcoin Price Mimicking 2020 Cycle? Potential BTC Surge Ahead

Table of Contents

Thecoinrepublic.com

Other articles published on May 31, 2024

TRALA Successfully Raised $5M From Fundraising Rounds

Cardano price prediction: Will ADA break above $0.46 soon?

New BitDegree Mission Explores Pionex Trading Bots

Caitlyn Jenner Profits $405K from Solana Memecoins in 4 Days

Robert Kennedy Jr at Consensus 2024: Crypto is freedom, transparency

Mike Novogratz Predicts Changes in Ethereum Staking Regulations

Join our free newsletter for daily crypto updates!