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Bitcoin Price Mimicking 2020 Cycle? Potential BTC Surge Ahead

The CEO of CryptoQuant, Ki Young Ju, noted that Bitcoin is following a similar pattern to mid-2020. Ki describes the Bitcoin whale accumulation in 2024 as similar to that of mid-2020. He also highlights the high on-chain activity in Bitcoin and the low price volatility, signaling the potential bullish momentum.

Bitcoin High On-Chain Activity Lets Decode

The CEO of CryptoQuant, Ki Young Ju, has pointed out similarities between Bitcoin market activity in 2024 and mid-2020, suggesting potential bullish trends due to high on-chain activity despite low price volatility.

He highlighted the high on-chain activity and a sharp increase in Bitcoin accumulation, drawing parallels to the accumulation phase seen in 2020, when Bitcoin had surged to $64,000 by April 2021.

Despite low volatility, on-chain activity remains high, with $1 Billion added daily to new whale wallets, indicating potential Bitcoin accumulation by whales and increased market interest.

Bitcoin Sharks and Whales are Increasing

According to a recent analysis by blockchain analytics firm Santiment, large investors, known as “sharks” and “whales,” have been actively accumulating Bitcoin during market downturns, potentially viewing them as buying opportunities and then selling during periods of market revival or anticipation of increased institutional adoption.

Data shows that the collective holdings of Bitcoin wallets containing at least 10 BTC have increased significantly in the past five months, with this cohort adding 154,560 BTC during the same period.

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The accumulation by these large investors indicates a bullish phase with rising market price. Experts predict that Bitcoin could be poised for a fresh peak between October 2024 and March 2025.

Bitcoin Price on the Technical Chart  

At press time, the Bitcoin price was trading at $68,398 with an intraday surge of 0.09%. This week, BTC did not show any major moments and traded between a zone of 67,000 and 70,000, demonstrating a range-bound moment.

Moreover, despite low price volatility, the current trend of whale accumulation and high on-chain activity suggests a potential bullish momentum for Bitcoin, with predictions of a new peak between October 2024 and March 2025.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ahtesham Anis
Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.