Bitcoin

April

when

<p>Multiple signals indicate that major institutional investors are strategically positioning themselves on Bitcoin, replicating a pattern observed before the historic bullish rally at the end of 2020.</p>
<h2 id="h-frantic-bitcoin-whale-accumulation">Frantic Bitcoin Whale Accumulation</h2>
<p>In a Twitter post on May 31, Ki Young Ju, the CEO of CryptoQuant, highlighted the marked similarities between recent activity observed on the Bitcoin network and movements seen before the rapid price surge at the end of 2020.</p>
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<p>Although volatility is currently moderate, the data reveals daily transactions of over a billion dollars into <a href="https://www.cointribune.com/en/crypto-massive-bitcoin-whale-exits-the-time-for-altcoins-has-come/" target="_blank" rel="noopener noreferrer nofollow">whale wallets</a>.</p>
<p>This frantic accumulation pace <a href="https://cointelegraph.com/news/bitcoin-whale-accumulation-2024-cryptoquant-ceo" target="_blank" rel="noopener noreferrer nofollow">recalls</a> mid-2020, when Bitcoin was around $10,000 for six months before beginning its meteoric rise to record highs of $64,000 in April 2021.</p>
<p>According to Ki Young Ju, “<em>This feverish activity suggests that major institutional investors are positioning themselves for a new bullish cycle.</em>“</p> 
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
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<h2 id="h-a-historical-precursor-to-a-major-bullish-recovery">A Historical Precursor to a Major Bullish Recovery?</h2>
<p>The current market dynamics show alarming similarities to those of 2020, as evidenced by CryptoQuant’s comparative chart. This correspondence fuels speculation of an imminent return to Bitcoin’s long-term bullish trend.</p>
<figure class="wp-block-image size-full"><img decoding="async" width="581" height="544" src="https://www.cointribune.com/app/uploads/2024/05/image-24.png" alt="Tweet from Ki Young Ju on the correlation between 2020 and 2024 Bitcoin prices" class="wp-image-696741" srcset="https://www.cointribune.com/app/uploads/2024/05/image-24.png 581w, https://www.cointribune.com/app/uploads/2024/05/image-24-300x281.png 300w" sizes="(max-width: 581px) 100vw, 581px">
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<p>Some analysts express reservations, citing the gap between <a href="https://www.cointribune.com/les-baleines-bitcoins-btc-etablissent-de-nouveaux-records/" target="_blank" rel="noopener noreferrer nofollow">massive accumulation</a> and stagnant prices. Others, however, see it as the beginning of a significant upcoming bullish rally. A massive inflow of institutional capital into “whale” wallets generally serves as a bullish signal for the queen of cryptos.</p>
<p>In short, analysts expect Bitcoin to break through the key resistance of $69,000 to set new historical highs. With this wave of accumulation by major investors, reminiscent of the <a href="https://www.cointribune.com/en/bitcoin-is-heading-up-again-is-this-the-beginning-of-the-bull-run/" target="_blank" rel="noopener noreferrer nofollow">early stages of the 2020-2021 rally</a>, Bitcoin appears poised for another major surge. History may well repeat itself for the leading cryptocurrency.</p>

Bitcoin: The story of 2020 is repeating itself with institutional frenzy accumulation

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