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Bitcoin on the rise: next step $100,000. I'll tell you why



Bitcoin ( BTC/USD ), the flagship cryptocurrency, is going through a crucial phase as it emerges from a prolonged accumulation phase, paving the way for new price prospects and compelling trading. Data provided by on-chain analytics firm Glassnode indicates a significant reduction in Bitcoin accumulation addresses, signaling the end of a year-long phase that began at the end of the 2022 bear market.


Bitcoin's recent rise to all-time highs of $67,040 may have triggered a round of immediate selling, but what's happening behind the scenes is just as relevant. Glassnode highlights that coins held in “accumulation addresses” – wallets with at least two “non-dust” incoming transactions and no outgoing transactions – have been decreasing since February 11th.


This change in trend saw accumulator balances shrink by 2.6% to 3,176,293 BTC (equivalent to $212 billion), showing no sign of reversal thus far. Despite the decline in accumulators, it is important to note that these wallets have historically accumulated coins at discounted prices, only selling at the beginning of parabolic uptrends, not the end.


Looking back, the broader landscape shows an accumulation trend that has persisted since 2018, in contrast to a notable reduction before that period, which began in 2016 when Bitcoin reached all-time highs of $20,000.

One of the key elements that could help redefine the future of Bitcoin is the introduction of spot Bitcoin Exchange Traded Funds (ETFs). Launched in January, the ETFs have altered supply dynamics, with constant buying pressure leading Bitcoin to hit new all-time highs ahead of the scheduled halving of block subsidies.


Timothy Peterson, founder and investment manager of Cane Island Alternative Advisors, suggested that continued demand for ETFs could be the catalyst that pushes Bitcoin towards the $100,000 mark by October 2024. Analysis shows that Bitcoin ETF approval Spot triggered a sustained accumulation, opening ambitious prospects for the future of Satoshi Nakamoto's cryptocurrency.


In a broader context, the integration of emerging technologies, such as blockchain, could help further shape the cryptocurrency ecosystem. The convergence between artificial intelligence and blockchain is becoming increasingly evident, promising to improve security and transparency in crucial sectors.


In summary, Bitcoin is facing a new phase, with the market reacting to accumulation dynamics, ETF impulses and opportunities provided by the convergence of emerging technologies. Bitcoin's horizon looks promising, but investors will remain vigilant as the cryptocurrency continues its path, now headed towards reaching the $100,000 mark.

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