Survey reveals reaccumulation of long-term bitcoin holders for the first time in five months

A recent survey revealed a reaccumulation of long-term Bitcoin (BTC) holders for the first time in the last five months. As data from analytics platform Glassnode highlighted, long-term investors in the largest cryptocurrency on the market began accumulating BTC tokens for the first time since December last year, after several months in sales mode.

The platform shared, on May 28, an analysis report on the market, which highlighted the consolidation of Bitcoin. “Residing near its all-time high, bitcoin continues to consolidate, with long-term holders beginning to reaccumulate coins for the first time since December 2023.” Bitcoin’s (BTC) all-time high is $73,737.94, recorded on March 14. Comparatively, the current price is 8.17% lower than the historical peak.

“Spending pressure from long-term holders has eased significantly, with investors returning to accumulation patterns, suggesting that volatility is needed to drive the next wave,” the analysts highlighted.

Additionally, the report emphasized Bitcoin’s bullish trend driven by spot markets, triggered by exchange-traded funds (ETFs). “The parallel we can draw with the current market structure suggests that the upward trend of 2023-24 could be a market largely driven by the spot market. This view is supported by the launch and inflows into US spot ETFs.”

Residing just shy of the ATH, #Bitcoin continues to consolidate, with long-term investors beginning to re-accumulate coins for the first time since Dec 2023.

Alongside this, a historic first tranche of #Ethereum spot ETFs have been approved in the US, seeing a +20% surge in the… pic.twitter.com/WiIB7kO0JH

— glassnode (@glassnode) May 28, 2024

Bitcoin is ready for big price rise, expert predicts

macro strategist Henrik Zeberg highlighted that Bitcoin (BTC) has a great chance of making an upward movement at any time. During an interview on the Bloor Street Capital YouTube channel, the cryptocurrency expert revealed that the largest crypto asset has the potential for a 64% upward rally by the third quarter of 2024.

“In January I said between $110,000 and $115,000 in Bitcoin and I stuck to that. I think we are hours or days away from major change starting again. We had a big change in [20 de maio]. I think this was just the beginning. Now we have been consolidating for a few days and I think we will see a very, very big movement coming in mid-June, but an upward trend with consolidations, pullbacks…”

As per Zeberg’s prediction, the analyst highlighted the price of Bitcoin up to $110,000 in the coming months. At the time of publication, the price of Bitcoin was quoted at US$67,691.13, down 0.5% in the last 24 hours.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.