By
Temitope Olatunji
April 26th, 2024
Santiment revealed that wallets holding between 10 and 10,000 BTC collectively accumulated 51,959 Bitcoin on Sunday alone.
Bitcoin (BTC) closed on Monday above $70,000 for the first time since March 15. The surge in BTC price, according to some analysts, can be attributed to notable accumulation by stakeholders. The coin, as of writing, has had a 3.9% increase within the last 24 hours. This price surge has prompted some analysts to suggest that the coin is on its way to a new all-time high.
Revealing what led to the price spike, Santiment, a crypto analytics platform on its X that provides on-chain information, revealed that wallets holding between 10 and 10,000 BTC collectively accumulated 51,959 Bitcoin on Sunday alone. This figure translates to 0.263% of the entire coin supply being scooped up within a 24-hour period.
🐳📈 #Bitcoin has just caught traders off guard (as usual) with a huge rebound ascension to $70K. Why? Key #Bitcoin stakeholders had one of their single largest accumulation days in years.
🔼51,959 collective #Bitcoin were accumulated by wallets that hold between 10-10K $BTC on… pic.twitter.com/vT4fRUVYs7
— Santiment (@santimentfeed) March 25, 2024
Analysts’ Predictions: What’s Next for BTC?
Ali, a prominent technical on-chain analyst on X with over fifty thousand followers, gave his prediction that Bitcoin’s consolidation period under its all-time high is nearing an end. The cryptocurrency has corrected by approximately 17.5% from its record peak; a similar pattern was observed in 2020, which was followed by a major uptrend. According to the analysis, BTC appears to be breaking out of an ascending triangle on lower time frames, which could potentially propel it towards the $71,800 level, provided that the $70,400 support level holds firm.
It appears that #Bitcoin is breaking out of an ascending triangle on the lower time frames, which could see $BTC rise toward $71,800 as long as the $70,400 support holds. pic.twitter.com/CQUyrc9vkv
— Ali (@ali_charts) March 26, 2024
In a different analysis, Rekt Capital analyzed the similarity to BTC’s 2020 pre-halving retracement. He gave his insight into potential market behavior and sentiment surrounding the halving event, suggesting that the current retracement could signal a similar market pattern to what was observed in the previous halving. Hence, with this pattern repeating itself, we could further experience a surge in the price of the coin, similar to what we had in 2020.
Echoing Rekt’s analysis Ash Crypto another prominent analyst with more than 1 million followers on X, opined that Bitcoin is breaking out of a bullish pattern, potentially propelling it towards $100,000 if support holds firm. Since the coin’s consolidation under its all-time high is nearing an end and it has corrected around 17.5% from its record peak, the pattern mirrors the one observed in 2020 before its next major uptrend.
Similar to this, Seth, another prominent crypto analyst on X, speculated that BTC tends to take advantage of high liquidity. Hence, the coin might be moving towards the $75,000 price level, where short liquidations are concentrated. Suggesting two scenarios: If Bitcoin gets rejected at the $75,000 level, it might revert back to the range between $60,000 and $75,000, and if it breaks through the $75,000 level, it could continue to climb higher before entering a consolidation phase, potentially reaching price levels of $80,000 or even $100,000.
Moreover, as the highly anticipated Bitcoin halving event on April 19th approaches, it would not be surprising to witness a continuation of this accumulation trend. This event has historically acted as a catalyst for price appreciation due to the decrease in BTC supply. A healthy balance between the participation of mid-tier investors and the preservation of ample liquidity reserves held by larger players could pave the way for a sustained bull run and further mainstream adoption of BTC and other cryptocurrencies.