The world’s largest cryptocurrency Bitcoin (BTC) has given a major bounce back shooting past $70,000 once again and eyeing a new all-time high. As of press time, the Bitcoin price is trading 5.5% up at $70,606 with a market cap of $1.388 trillion. This happened as the Bitcoin ETFs recorded net positive inflows after a week of strong outflows.

Bitcoin Price Gearing Up For New All-Time High?

In a recent analysis, QCP Capital noted that Bitcoin price might be gearing up to break its all-time highs and surge toward the coveted $100,000 level.

The analysis points to strong topside momentum for BTC, noting that the cryptocurrency surged above $70,000 overnight. This movement was reportedly fueled by news that the London Stock Exchange plans to commence trading Exchange-Traded Notes (ETNs) for both Bitcoin and Ethereum (ETH) starting in May.

Furthermore, QCP Capital also added that barring a broader macro risk-off event, the next upward movement appears increasingly likely at this juncture.

Bitcoin Undergoes Major Accumulation

On-chain data provider Santiment reports a remarkable ascent in Bitcoin’s price to $70,000, surprising traders worldwide. The surge was due to a substantial accumulation of Bitcoin by key stakeholders, marking one of the largest accumulation days in recent memory.

According to Santiment, wallets holding between 10 to 10,000 Bitcoin collectively acquired an astounding 51,959 Bitcoin on Sunday alone, representing 0.263% of the total available supply. This surge in accumulation comes as the cryptocurrency community approaches the final three weeks leading up to the halving event on April 19th. Nathanaël Cohen, co-founder at digital-asset hedge fund INDIGO Fund said:

“Even though ETF inflows have hit a drag, order books are loaded on the bid side around the 60k area, showing that the market is eager to buy the dip. You need to go get the liquidity at lower levels to then catch a bid and generate momentum to go higher”.

According to Bitcoin analyst PlanB, during each halving period spanning approximately 210,000 blocks, a bull market ensues, leading to a surge in the price of Bitcoin. It’s crucial to understand that these price surges are not indicative of bubbles but rather fundamental shifts, structural milestones, and phase transitions. This phenomenon is reflected in the realized price, which stabilizes before the next significant leap. Halvings are deemed critical events in the world of Bitcoin.

Every halving period (210,000 blocks, ~4y) there is a bull market in which bitcoin price pumps. Now listen carefully: these price pumps are NOT bubbles, but fundamental jumps, structural events, phase changes. You can see it in the realized price, which flattens, until the next… pic.twitter.com/qIU1x6Bw7R

— PlanB (@100trillionUSD) March 24, 2024

The post Bitcoin (BTC) Price Jumps Past $70,000 Amid Huge Accumulation Before Halving appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am