A recent survey has shown that the accumulation of whales in the world of Bitcoin (BTC) is currently happening at a pace similar to that seen before the bull run of 2020.
According to a weekly report from CryptoQuant released on May 6, the survey indicates that there are daily inflows of $1 billion into Bitcoin, along with a significant increase in whale activity, mirroring trends from mid-2020. The data reveals a continuous increase in demand for the largest cryptocurrency in the market, with traders acquiring 70 BTC tokens in the past month.
“Bitcoin’s demand among long-term holders has resulted in the addition of 70 thousand Bitcoins over the last 30 days. Demand from large investors is growing by 4.4% monthly. Moreover, these investors are injecting $1 billion into Bitcoin daily, reminiscent of pre-rally activity in 2020.”
In addition, large investors are pouring $1 billion into Bitcoin daily, reminiscent of the pre-rally activity seen in 2020.
The report also notes a significant rise in purchases of US spot Bitcoin exchange-traded funds (ETFs), with holdings increasing from 819K to 859K.
Looking ahead to June 2024, what is the forecast for Bitcoin’s price? A prominent cryptocurrency analyst has shared predictions of a substantial increase in the value of the largest cryptocurrency this month, with estimates of Bitcoin reaching $100,000.
In a recent analysis shared on his YouTube channel, pseudonymous cryptocurrency trading expert PlanB predicted that BTC could soon reach the price target of at least $100,000.
As of the time of publication, the price of Bitcoin was quoted at $71,550.05, representing a 0.7% increase in the last 24 hours and a 4.5% appreciation over the past week.
Disclaimer: The views expressed by the author and individuals mentioned in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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