A recent survey has revealed that long-term holders of Bitcoin (BTC) are accumulating the cryptocurrency again for the first time in five months. According to data from analytics platform Glassnode, after months of selling, long-term investors in the largest cryptocurrency on the market have started accumulating BTC tokens since December last year.
Glassnode shared an analysis report on May 28, highlighting the consolidation of Bitcoin, which is currently near its all-time high. The report stated that long-term holders have eased their spending pressure and are returning to accumulation patterns. The analysts believe that volatility is needed to drive the next wave of growth.
The report also emphasized the bullish trend of Bitcoin driven by spot markets, particularly exchange-traded funds (ETFs). The analysts drew parallels between the current market structure and the upward trend of 2023-24, suggesting that the spot market will play a significant role in driving the market.
Macro strategist Henrik Zeberg, an expert in cryptocurrencies, predicts that Bitcoin has a great chance of experiencing a significant upward move in the near future. During an interview, Zeberg stated that Bitcoin has the potential for a 64% rally by the third quarter of 2024. He believes that a major change is imminent and expects a big movement in mid-June, followed by an upward trend with consolidations and pullbacks.
Zeberg predicts that the Bitcoin price will reach $110,000 in the coming months. Currently, the Bitcoin price is quoted at $67,691.13, experiencing a slight decrease of 0.5% in the last 24 hours.
It is important to note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
In other news, analyst Tom Lee believes that the Bitcoin price will reach $150,000 in 2024, and another analyst highlights that Bitcoin is out of the ‘danger zone’.