Crypto News

This Cohort Accumulated 154,560 Bitcoins In Five Months, BTC Price Surge Ahead?

Wallets holding over 10 Bitcoins have accumulated more than 154,00 BTCs in just the five months. Analysts give $150,000 and above target for BTC price by May 2025.

Published by

Bhushan Akolkar

Published 30 May, 2024 | 04:57:03 AM UTC

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.

Courtesy: Santiment

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.

Courtesy: BitQuant

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

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by

Bhushan Akolkar

Published 30 May, 2024 | 04:57:03 AM

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