Investors are once again accumulating Bitcoin (BTC) despite previous price drops. Reports indicate that approximately $1.3 billion worth of Bitcoin has been withdrawn from various cryptocurrency exchanges, signaling renewed interest and confidence in the leading cryptocurrency.
Bitcoin Hoarding Frenzy Resumes
Data IntoTheBlock’s report has revealed a new accumulation trend among Bitcoin investors. According to the financial services platform, around $1.29 billion in BTC left several centralized exchanges (CEXs) in the last week.
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This development marks a shift in investor sentiment from a previously bearish stance. Just in September of this year, Bitcoin went through serious price fluctuations and volatility, raising concerns among investors about the cryptocurrency’s future prospects. There have even been settlement reports in the market, with analysts observing that September is historically a bearish period for the crypto market.
With Bitcoin now seeing renewed momentum and experiencing a price increase above the $60,000 markInvestor interest in cryptocurrency has resurfaced. Based on the report from IntoTheBlock, most of the Bitcoin Exitsworth 12,420 BTC on cryptocurrency exchanges that occurred on Tuesday, September 10. During this period, the cryptocurrency’s price was trading below $60,000, suggesting that investors were accumulating in anticipation of a potential price increase.
Apparently, Bitcoin holders have started selling their shares and profit-taking around Friday, September 13. ITB data also revealed that 82% of BTC investors are currently making gains, while 13% are making losses. Interestingly, this accumulation trend has extended its influence to Bitcoin Whales. In a post on X (formerly Twitter) on September 14, popular crypto trader, Ash Crypto, revealed a massive Bitcoin transaction involving the purchase of 1,062 BTC, valued at $64 million by an anonymous whale.
With the new addition of Bitcoin, the unidentified whale now holds a whopping 10,043 BTC, worth approximately $600 million based on exchange rates at the time. This whale movement is also an indication that the market is transitioning to a more optimistic and positive feeling. This trend is common after a market correction or decline in a cryptocurrency, where prices have reached a perceived low level.
Will BTC price hit $75,000?
The recent spike in Bitcoin accumulation indicates that investors are now looking favorably on the cryptocurrency, possibly anticipating a price increase in the future. This new trend could potentially trigger a rally to new all-time highs around $75,000 if it continues.
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Earlier this year, when Bitcoin accumulation was at one of its highest levels, the price of the cryptocurrency surged to its current level. all-time high above $73,000. This bullish development could happen again as demand and interest in cryptocurrency increases.
Although Bitcoin surged above $60,000 last week, its price has now dropped by 2.37% and is currently trading at $58,739, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
