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Bitcoin’s Ongoing Accumulation: Setting the Stage for $130K in 2025?
In a recent development, it appears that Bitcoin has entered another critical phase – accumulation. This phenomenon could potentially propel the coin’s price to an astonishing $130,000 by the first quarter of 2025.
The latest price action has seen BTC dip significantly, with its value plummeting by nearly 3% over the past seven days. As a result, the king coin’s current market capitalization stands at an impressive over $1.84 trillion, trading at approximately $93,134 at press time.
An accumulation phase typically follows major corrections, and it seems that Bitcoin has entered such a zone once more. Notably, Michael Saylor’s parody Twitter account posted that the coin is now accumulating, which could lead to a massive breakout in the coming days.
Historically, significant price upticks have been witnessed after these phases. Consequently, we decided to analyze accumulation trends to determine whether investors are buying up Bitcoin. According to CryptoQuant’s data, net deposits on exchanges were low compared to the last seven-day average – a clear indication of growing buying pressure.
Additionally, miner behavior has also mirrored this trend. Interestingly, miners have been selling fewer holdings compared to their one-year average, as revealed by the Miners’ Position Index (MPI).
So, what can we expect in the near term? Based on various data points, it appears that investors may be in for a bumpy ride ahead. For instance, Bitcoin’s NULP suggests that investors are currently in a state of high unrealized profits, which could lead to a period of uncertainty. Furthermore, the total number of coins transferred has decreased by -37.70% compared to the previous day, potentially having a negative impact on the token’s price.
Lastly, the MACD indicator is displaying a bearish signal, indicating that the market may continue its downward trend in the short term. However, it’s worth noting that Bitcoin’s price is approaching the lower limit of the Bollinger Bands, which could lead to a bullish reversal if this support holds.
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Source: ambcrypto.com
