- Whale accumulation of BTC now rises over 1.9 million BTC since moving to mega wallets in early 2024.
- More stats show why BTC is a good bet for long-term investors.
A huge amount Bitcoins [BTC] has recently been transferred to new, large wallets, indicating significant activity from large investors, often referred to as whales.
The move follows a market crash earlier this week, which some analysts said marked the low point of the cycle before the start of the next bull run.
According to CryptoQuant, the total number of Bitcoins in new wallets holding more than 1,000 BTC, including spot ETFs and custodial wallets, but excluding exchanges, will increase to more than 1.9 million BTC by the year 2024.
Source: CryptoQuant
This combined with the following analysis suggests growing confidence in Bitcoin’s long-term potential.
The MVRV Z-Score has not yet reached its peak
The MVRV Z-Score, an important tool for spotting market highs and lows, is currently below 2. This indicated that Bitcoin is in the undervalued zone.
This suggests that Bitcoin has not yet reached its peak. Those who claim the peak has been reached are missing out as investors and traders are poised for significant gains in the fourth quarter of 2024.
Source: Bitcoin magazine
Bitcoin dominance continues to rise
Additional, Bitcoin The dominance rose to a new short-term high last week, a strong signal for the upcoming rally.
While the exact timing is uncertain, this growing momentum suggests Bitcoin is poised for significant upside.
The bull run is gradually building, and when it fully takes off, Bitcoin is expected to experience a parabolic rise.
Source: TradingView
MicroStrategy BTC stakes for $13.74 billion
Furthermore, the fact that MicroStrategy’s BTC shares are valued at $13.74 billion at the time of writing this article shows a strong commitment to the future of BTC.
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They’ve gone all in and made a significant bet on Bitcoin’s long-term potential as their 995% stock growth over the past four years indicates.
This investment strategy highlights why Bitcoin could be a great option for long-term profits. Watching their bold move is like witnessing a financial drama unfolding in real time.
Source: SaylerTracker.com