Bitcoin (BTC) Approaches $30,000 But Accumulation Addresses Increasing
Bitcoin (BTC) continues to trade under pressure a day after its month and quarterly expiry! At press time, Bitcoin is more than 8% down and moving under $31,000. This has also pulled down the overall cryptocurrency market by 7% to now at $1.26 trillion.
With Bitcoin facing a continuous downward pressure in the last 10 days, the number of accumulation addresses is on the rise. The BTC price and the accumulation addresses are showing opposite moves as we can see in the below chart from Glassnode.
This is clearly a bullish sign! Moreover, as CoinGape reported other bullish indicators, the BTC supply at exchanges has also started falling once again while whales have started buying once again around $30K after heavy dumping at around $40K levels.
Bitcoin Short Term Speculators Booking Major Losses
While long-term players have continued to buy the dips, the Bitcoin short-term speculators have realized major losses in recent times. The Friday, June 25 expiry was a brutal one for short-term players. On Friday, the net realized profit/loss was the largest even larger than the March 2020 crackdown. There were a total of $3.45 billion in net realized losses booked.
There is every possibility that Bitcoin can fall further under $30,000 levels from here onwards. Speaking to CNBC, Guggenheim’s Scott Minerd said that the Bitcoin price can correct 50% further from here at around $15,000.
Minerd said that the bottom has still not been formed and adds that investors should not be “anxious in putting money in bitcoin now. The real bottom, when you look at the technicals, $10,000 would be the real bottom, you know, that’s probably a little extreme, so I would say $15,000,” explained Minerd.
Citing historical patterns, Minerd believes that Bitcoin will likely consolidate for a couple of years. Minerd noted that BTC’s exceptional performance over the last year has been due to the major influx of money by central banks. He believes that as the governments start rolling back in liquidity programs, Bitcoin demand will continue to drop.
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand
- Citigroup Predicts Bitcoin Could Climb to $231,000 in 12 Months
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
