A recurring pattern that has been observed during each Bitcoin halving is volatility. With the following event right around the corner, Bitcoin dumped over 10% in the past week, sliding to $62,778.

But despite a series of price corrections, the accumulation game remains strong among Bitcoin holders.

Accumulation Addresses See Record Bitcoin Inflows

Popular crypto analyst Ali Martinez’s latest findings reveal a significant movement of more than 27,700 BTC, equivalent to approximately $1.72 billion, into accumulation addresses amidst Bitcoin’s recent dip below the $63,000 mark.

This influx suggests a substantial interest from investors in accumulating the leading cryptocurrency, possibly anticipating price appreciation.

Over 27,700 $BTC, worth around $1.72 billion, have flown into accumulation addresses as #Bitcoin dropped below $63,000! pic.twitter.com/ksrk0qNp41

— Ali (@ali_charts) April 18, 2024

Further validating this trend is CryptoQuant’s latest analysis, which revealed that Bitcoin inflows to accumulation addresses surged to a new record high, surpassing the previous all-time high of 25,100 BTC recorded on March 22, 2024.

“Accumulation Addresses” are defined by several criteria, including the absence of outgoing transactions, a balance exceeding 10 BTC, exclusion of accounts affiliated with centralized exchanges or miners, reception of more than two incoming transactions, and the occurrence of a single one within the last seven years.

This data suggests a significant influx of Bitcoin into addresses associated with long-term holding strategies, indicating growing confidence among investors.

Re-Accumulation Phase Post Bitcoin Halving

Another interesting analysis by prominent trader ‘Rekt’ suggests that Bitcoin’s ongoing correction phase is potentially drawing to a close. This would mean that the markets are poised to transition into a re-accumulation phase post-halving, during which Bitcoin is anticipated to hit a range low and then trade sideways, extending into and beyond the event.

Historical data suggests that this “re-accumulation” phase typically lasts for several months, with Bitcoin maintaining a sideways trajectory. Drawing parallels to previous halving cycles, Bitcoin remained range-bound for approximately five months following both the 2016 and 2020 halving events.

If history repeats itself, markets could hover at elevated levels around the high $50k range until around October.

The post $1.72B Worth of Bitcoin Moved to Accumulation Addresses After Dip Below $63K: Data appeared first on CryptoPotato.

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Filed under: Bitcoin - @ April 18, 2024 1:20 pm