The post Bitcoin: Can BTC reach new ATH as crypto mirrors 2017 pattern appeared on BitcoinEthereumNews.com.

Data reveals that BTC “shrimps”—wallets holding over one Bitcoin—have consistently accumulated the asset over time, now controlling a notable portion of its supply. BTC’s price trajectory also mirrors the 2017 rally cycle, which saw the asset experience significant upward momentum. Over the past 24 hours, the market has shown signs of recovery, with Bitcoin’s [BTC] market capitalization increasing by 1.44% to $1.88 trillion, accompanied by a remarkable 144.37% surge in trading volume. This recent movement has limited BTC’s losses over the past week and month to within a 6% drawdown range. Historical patterns suggest that BTC remains positioned for a potential surge, as investors continue to steadily accumulate the asset. BTC investors pave the way for further growth According to data from Glassnode, after a period of heavy distribution—marked by significant BTC selling as the asset approached its all-time high of $108,353—BTC “shrimps” have resumed accumulation. In this context, “shrimps” refer to wallet addresses holding more than one BTC. The data reveals that this cohort has significantly increased their holdings, accumulating an average of 17,600 BTC monthly. This brings their total share to 6.9% of the circulating BTC supply. Source: Glassnode This accumulation trend indicates a potential bullish outlook for the market, as investors continue to build their positions despite recent volatility. A closer analysis suggests that the recent shakeout could be part of a broader setup for an impending bull run, closely resembling the 2017 rally. BTC mirrors 2017 rally with similar market moves Recent data suggests that Bitcoin’s current market cycle is closely mirroring the trajectory of its 2017 bull run. The analysis tracks BTC’s price movement during post-halving periods—a phase when miners’ rewards are reduced. Source: X This comparison reveals that BTC has consistently followed a similar pattern. If this trend continues, BTC could significantly surpass its…

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Filed under: News - @ January 15, 2025 1:25 am