Journalist
Posted:
- The number of Bitcoin holders has increased by more than 2 million in the past two months.
- BTC has fallen from the $44,000 price range.
There has been discussion about Bitcoin [BTC] Accumulation of the bull market, given the fluctuations within the $40,000 price range. The question now is: what stage of accumulation are we currently in?
Bitcoin hodlers continue to accumulate
A recent one InTheBlok post compared the ongoing bull market and aggressive accumulation behavior of Bitcoin holders.
The analysis illustrated that traders in previous bull markets initiated accumulation as the price of BTC began to recover. Initially, accumulation occurred at a measured pace, likely confirming the sustainability of the price recovery.
As the recovery continued, accumulation increased. Then, hodlers started selling once the price reached the previous all-time high, coinciding with the entry of new traders into the market.
The graph indicates that the current phase is in line with the price recovery phase. Bitcoin has been on an upward trajectory since hitting a low point earlier this year.
However, the $60,000 price level, the previous high, has yet to be reached. This suggests that the accumulation phase is likely to continue.
The Bitcoin hodlers’ net position is changing
A study of Bitcoin Hodler’s net position change on Glassnode indicates a continued positive trend over the past few months. This means that long-term holders have consistently entered new positions, with only a few wallets cashing out.
The current status of this metric indicates an ongoing accumulation phase, with the figure standing at over 23,000 at the time of writing.
Source: Glassnode
Bitcoin holders increase by over 2 million
A survey of the trend among Bitcoin holders shows a consistent increase in recent months. Analysis of the chart illustrates a growth of over 2 million holders between October and the current date.
At the beginning of October, the number of holders was approximately 49 million, and at the time of writing this has increased to over 52 million.
Source: Santiment
Read Bitcoin (BTC) price prediction 2023-24
Bitcoin drops to the $43K price range
Bitcoin’s recent daily price movement traded above $44,000 during the previous trading session. This followed a significant price drop that brought it back to the $41,000 range after hitting $44,000 a few weeks ago.
At the time of writing, Bitcoin was trading around $43,700, reflecting a decline of less than 1%. Given the current price range, this suggests that accumulation is likely to continue until there is a breakout to the $60,000 price range.
Source: TradingView