This Cohort Accumulated 154,560 Bitcoins In Five Months, BTC Price Surge Ahead?
Highlights
- In the past five months, wallets holding at least 10 BTC have added over 150,000 Bitcoins.
- Bitcoin price can 2x in a year from now predicts renowned crypto market analyst.
- BTC price first needs to breakout above $70,000 to trigger strong bullish action.
The world’s largest cryptocurrency Bitcoin (BTC) has been flirting around $68,000 levels failing to get enough impetus to kickstart a new rally past $70,000. While the market demand for Bitcoin futures is soaring, it has yet to translate into the spot BTC price. However, there’s been a silent accumulation going on for Bitcoin over the past few months.
More than 150K Bitcoins Scooped in Just Five Months
As per the on-chain data provided by Santiment, the Bitcoin wallets holding more than 10 BTC have added over 150K BTCs just over the past five months.
On-chain data provider Santiment has pointed out a significant trend in the cryptocurrency market linked to wallets holding at least 10 Bitcoins. According to Santiment, these wallets serve as a leading indicator for market movements. Historically, when these wallets accumulate Bitcoin, the overall cryptocurrency market tends to rise. Conversely, when they offload their holdings, it often signals the onset of extended bear markets.
Thus, as shown in the above image, the Bitcoin price rallied following a similar accumulation back in October 2019. Thus, it is very likely that the Bitcoin price could follow a bull trajectory in the next year or two.
According to BitQuant, Bitcoin is currently mirroring its February-March trading pattern and is poised for a significant move that could commence at any moment. Well, if it is successful, we can see the BTC price climb to $95,000 in the coming months.
BTC Price to 2X In A Year
In a recent post on the microblogging platform X (formerly known as Twitter), renowned pseudonymous cryptocurrency analyst Cryptorphic highlighted that Bitcoin has never experienced a price correction in the year following a halving event. He emphasized that halvings are “significant events” for the cryptocurrency.
A Bitcoin halving event reduces the reward miners receive per block by half, thereby halving the new supply entering the market. Cryptorphic’s analysis revealed a compelling historical trend: after the first halving in 2012, the BTC price soared by an astonishing 8,300%. The second halving in 2016 saw a more moderate, yet still impressive, increase of 288%. The most recent halving in 2020 triggered a 540% surge within a year.
Considering these patterns, Cryptorphic suggested that Bitcoin’s price could skyrocket by 127% from its current level post-halving, potentially reaching between $115,000 and $156,000.
#Bitcoin could hit $156,000 by May 27 2025!
These green boxes represent the price action after #BTC halvings. We’ve never seen a red year after a halving.
Bitcoin halvings are significant events, here are the percentages of Bitcoin’s price increase one year after each halving… pic.twitter.com/QEmNN8OuP2— Cryptorphic (@Cryptorphic1) May 27, 2024
- Veteran Trader Peter Brandt Says “MSTR Could Go Underwater” If Bitcoin Repeats 1977 Soybean Crash
- BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
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.
