As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by the recent bullish sentiment surrounding Bitcoin. The analysis by CryptoBullet, reminiscent of 2021’s chart pattern, has sparked a wave of optimism among investors. However, as someone who’s been around long enough to remember the infamous “crypto winter,” I remain cautiously optimistic.
A well-known expert on digital currencies has lately proposed that the value of Bitcoin ($BTC) might imminently increase, given that a significant technical marker has now shown a positive outlook for the first time in over a year.
On the popular social media site X, Bitcoin investor enthusiasm was sparked by CryptoBullet’s upbeat assessment, which used the weekly moving average convergence/divergence (MACD) chart as its foundation.
In his article, the analyst pointed out that Bitcoin’s current price pattern seems familiar to him, as it mirrors its chart from 2021. Specifically, he noted a similar steep upward trend (where MACD reached its peak) followed by what could be a moderate, prolonged correction.
According to what he said, the present chart configuration might result in a fresh record high soon for Bitcoin, as it previously surpassed $73,000 at some point this year.
#Weekly MACD for Bitcoin has turned bullish for the first time since October 2023! 👀
This trend brings back memories of 2021: a similar vertical rise (peak in MACD) followed by a challenging medium-term correction. However, this time the correction isn’t as severe; it’s just taken more time to occur.
Currently, Bitcoin is…
— CryptoBullet (@CryptoBullet1) October 23, 2024
According to CryptoGlobe’s recent report, there has been a surge in Bitcoin addresses that have never before transferred Bitcoin, amassing an extraordinary amount of the digital currency. At present, these addresses collectively hold approximately 2.9 million Bitcoins, equivalent to around $194 billion at the moment of writing.
According to a recent analysis by CryptoQuant’s Burak Kesmeci, the total Bitcoin held in “accumulation wallets” was approximately 1.5 million coins at the start of the year. Remarkably, this number has almost doubled over the past ten months.
The analyst noted that these addresses consistently build up their Bitcoin holdings steadily and fearlessly, without ever cashing out, as they are committed to long-term investment strategies and haven’t experienced any outflows yet.
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2024-10-24 04:55