- The price of BTC is up 1% in the last 24 hours.
- On-chain stats and derivatives market stats were bullish on BTC.
After quite some time, Bitcoin [BTC] was trading comfortably above $30,000. A major reason for this upward trend has been the accumulation of investors in recent months.
Read From Bitcoin [BTC] Price prediction 2023-24
Despite the BTC price drop, investors continued to have confidence in the coin. Given the upcoming BTC halving, are there any chances of BTC’s price booming in the third quarter of this year?
The accumulation of bitcoins is still increasing
Glassnode is July 3 tweet revealed that Bitcoin’s long-term holders had increased their accumulation. According to the tweet, long-term holders of BTC have remained on a regime of gradual accumulation, amassing more than 602 BTC in the past 1.01 million days.
#Bitcoin Long-term holders have remained in a regime of gradual accumulation, accumulating a total of +1.01 million BTC in the past 602 days.
This has resulted in a supply for long-term holders of 14.47 million, just -20,000 BTC less than the ATH value of 14.49 million. pic.twitter.com/JHbxWIjLhn
— glassnode (@glassnode) July 3, 2023
This culminated in a long-term supply of 14.47 million, which was nearly 20,000 BTC lower than the ATH value of 14.49 million.
Interestingly, oinonen_t, an author and analyst at CryptoQuant, be aware that BTC was in the pre-halving accumulation phase. As the halving is scheduled for next year, investor expectations for the coin are rising, resulting in high accumulation.
According to the analysis, Bitcoin’s path is currently supported by multiple macro-level factors. First, the king coin has moved from a distribution cycle to a pre-halving accumulation cycle, with a view to the spring 2024 halving.
The report also mentioned that Bitcoin was lifted by reflexivity — the leading cryptocurrency correlates with stocks like Coinbase, which is up 138% this year.
Source: CryptoQuant
Should Investors Expect Another Bitcoin Rally?
The accumulation showed its effects on the price of BTC as it moved above USD 31,000. From CoinMarketCapat the time of writing, the king of cryptos was trading at $31,011.77 with a market cap of over $602 billion.
A look at the coin’s on-chain stats suggested that the possibility of a further uptrend could not be ruled out as the bulls appear to be dominant in the market.
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For example, CryptoQuant revealed that BTCThe foreign exchange reserves decreased. A downtick in the stats meant the coin was not under selling pressure.
The derivatives market also looked bullish on BTC as the funding rate was high. BTC’s active addresses and number of transactions were also rising at the time of writing.
Source: CryptoQuant