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Bitcoin: Can BTC reach new ATH as crypto mirrors 2017 pattern
It appears that the cryptocurrency market is mirroring a similar trend to its 2017 rally. This pattern has raised hopes of a potential surge in the price of Bitcoin (BTC), which may result in it reaching a new all-time high.
Data reveals that the wallets holding over one BTC, known as “shrimps,” have consistently been accumulating the asset over time, now controlling a notable portion of its supply. This accumulation trend indicates a potential bullish outlook for the market, as investors continue to build their positions despite recent volatility.
The data from Glassnode shows that after a period of heavy distribution marked by significant selling of BTC as it approached its previous ATH of $108,353, these “shrimps” have resumed their accumulation. This has led to an increase in their average monthly accumulations, with the total share of this cohort now at 6.9% of the circulating BTC supply.
Furthermore, the data suggests that the recent shakeout could be part of a broader setup for an impending bull run. The analysis tracks Bitcoin’s price movement during post-halving periods, which is a phase when miners’ rewards are reduced. If this trend continues, it is likely that BTC would significantly surpass its current ATH.
Recent buying activity has also signaled bullish momentum for BTC. This is evident in the Binary Coin Days Destroyed (Binary CDD) data from CryptoQuant, an indicator that tracks Long-Term Holder (LTH) activity based on binary values of 1 and 0. As of press time, the data indicates that LTHs are accumulating their assets rather than selling them.
Source: ambcrypto.com
