19 Apr
19Apr

As the price of Bitcoin dropped below $63,000 earlier this week, ardent Bitcoin holders contributed a record $1.7 billion worth of BTC to "accumulation" wallet addresses in a single day.

According to the most recent data from CryptoQuant, almost 27,700 BTC, or $1.75 billion at current rates, were delivered to accumulating addresses in a single 24-hour period between April 16 and 17, setting a new daily record for Bitcoin.

The previous record, set on March 23 of this year when the price of Bitcoin was likewise circling at $63,500, was set when 25,500 BTC were delivered to accumulation addresses in a single day.

According to this data, there has been a high degree of motivated buying around the $63,000–$65,000 region, indicating that significant, committed investors are still confident in their ability to acquire and retain Bitcoin over the long run.

An accumulation address is a Bitcoin wallet with a balance of more than 10 BTC and no history of withdrawals. Wallets that are known to be connected to Bitcoin miners and cryptocurrency exchanges have been filtered out of these addresses.

Additionally, these addresses had to have been in use for at least the previous seven years.

Before a post-halving rally event, a number of market observers, notably trader Rekt Capital, who goes by pseudonym, have suggested that the first few months of this year would be the last opportunity for investors to purchase Bitcoin at "bargain prices."

According to Rekt, the most recent decline, which has seen Bitcoin fall more than 14% from its peak of $73,600 on March 13, was predicted to be a "pre-halving retrace."

They forecasted that after the halving event, which is presently scheduled for April 20, Bitcoin might go into a "re-accumulation phase."

"After Bitcoin exits the area of re-accumulation, it will enter the parabolic uptrend."

According to Rekt, "this phase has historically lasted just over a year (~385 days), however this figure may get cut in half in this market cycle as there is a potential Accelerated Cycle occurring right now."

April 2024, Cryptoniteuae

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