2024

Bitcoin

On-chain data in Bitcoin shows that the selling pressure on the price has decreased and long-term investors have started to accumulate BTC again after December 2023.
While this situation was interpreted as a bullish signal by market analysts, a bullish comment also came from CryptoQuant CEO Ki Young Ju.
Stating that there is a great similarity between the current Bitcoin market activity and its activities in 2020, Ju said that on-chain activity remains high despite low price volatility.
At this point, the famous CEO pointed out that new whale wallets make $1 billion worth of purchases daily, and said that whales are making savings.
Stating that the current market dynamics in Bitcoin are very similar to 2020, Ju points out that the ongoing trends are strongly similar to the previous bull run, which increases bullish expectations for the market.
<blockquote>
 “The current sentiment in Bitcoin is similar to mid-2020.
 At the time, BTC was hovering around $10k for 6 months with high on-chain activity, later revealed to be OTC buying. Then came the rise.
 The situation is the same now. “Despite low price volatility, on-chain activity remains high, with $1 billion being added daily to new whale wallets, likely accumulating.”
</blockquote>
As a result of the accumulation phase and high activity in 2020, BTC reached the price of $ 29,000 at the end of 2020 and the ATH of $ 69,000 in November 2021.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Same vibe on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> as mid-2020.
 Back then, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> hovered around $10k for 6 months with high on-chain activity, later revealed as OTC deals.
 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" rel="noopener noreferrer nofollow">https://t.co/1TcC7BwNUb</a> <a href="https://t.co/o3N1AHxSJm" rel="noopener noreferrer nofollow">pic.twitter.com/o3N1AHxSJm</a>
 — Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1796409304108737003?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 31, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/cryptoquant-ceo-the-whales-that-started-the-2020-bull-in-bitcoin-are-moving-again-will-history-repeat/" rel="noopener noreferrer nofollow">CryptoQuant CEO: "The Whales That Started the 2020 Bull in Bitcoin Are Moving Again!" Will History Repeat?</a>

CryptoQuant CEO: "The Whales That Started the 2020 Bull in Bitcoin Are Moving Again!" Will History Repeat?

Bitcoin Sistemi EN

Други статии, публикувани на 31.05.2024 г.

Investment Giant Ark Invest Experienced a Massive Outflow from Bitcoin ETFs! Here is the Net Outp...

Ethereum Under Siege: Most Attacked Blockchain In 2024 Suffers 43% Of May's Crypto Losses

Robert F. Kennedy Jr. Praised Trump's Crypto Support To Promote Economic Freedom

Altcoins with Innovative Technology in 2024

Investors Expect XRP to Rise Due to Market Trends

Implications of $8.2B Bitcoin and Ether Options Expiry on Crypto Markets

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!