Bitcoin whales accumulating at a pace reminiscent of pre2020 bull run

A recent survey has shown that there is a notable increase in whale accumulation of Bitcoin (BTC), similar to the movement seen before the 2020 bull run.
According to a weekly report from CryptoQuant released on May 6, the survey indicated daily injections of US$1 billion into Bitcoin, along with a significant rise in whale shares, mirroring activity seen in mid-2020.
The data revealed a steady growth in demand for the largest cryptocurrency in the market over the past month, with traders adding 70 BTC tokens to their holdings.
“Bitcoin demand among long-term holders has increased by 70,000 Bitcoins in the last 30 days. Large investors are showing a monthly growth rate of 4.4%. Moreover, these investors are injecting $1 billion daily into Bitcoin, reminiscent of the pre-rally activity seen in 2020.”
Additionally, large investors are injecting $1 billion daily into Bitcoin, resembling the pre-rally activity of 2020.
The report also noted a significant increase in purchases of US spot Bitcoin exchange-traded funds (ETFs), with holdings rising from 819K to 859K.
What is the Bitcoin price forecast for June 2024? A well-known cryptocurrency analyst shared a prediction about the upcoming price movements of the leading cryptocurrency, anticipating a substantial increase this month. Could Bitcoin reach $100,000?
In a recent analysis shared on his YouTube channel, pseudonymous cryptocurrency trading expert PlanB emphasized in his forecast that BTC could potentially reach the price target of “at least $100,000 in the near future.”
As of the time of publication, the price of Bitcoin was quoted at US$71,550.05, marking a 0.7% increase in the last 24 hours. Over the past seven days, the BTC price has appreciated by 4.5%.
Disclaimer:
The opinions expressed by the author, or individuals mentioned in this article, are for informational purposes only and should not be considered as financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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