Bitcoin price momentum persists despite massive accumulation by wallets in the middle stratum, which holds between 10 and 10,000 BTC.
Bitcoin (BTC), the largest cryptocurrency in the world, has experienced a significant recovery, once more surpassing $70,000 and aiming for a new all-time high.
?However, Bitcoin is valued at $70,606 with a market capitalization of $1.388 trillion at the time of writing, representing a 5.5% increase.
This occurred as a result of net positive inflows into Bitcoin ETFs after a week of significant outflows.
Bitcoin Price Set for New All-Time High?
QCP Capital noted in a recent analysis that the price of Bitcoin may be preparing to surpass its all-time highs and advance toward the coveted $100,000 mark.
The analysis highlights robust upward momentum for Bitcoin (BTC), noting that the digital currency surpassed $70,000 in value overnight.
Reportedly, the London Stock Exchange’s intention to begin trading Exchange-Traded Notes (ETNs) for Bitcoin and Ethereum (ETH) in May contributed to this movement.
Furthermore, QCP Capital added that the next upward movement appears increasingly probable at this time, barring a broader macro risk-off event.
Bitcoin Experiences Significant Accumulation
Santiment, a provider of on-chain data, reports that the price of Bitcoin has surged to an astounding $70,000, shocking traders around the globe.
Significant stakeholders amassed a considerable amount of Bitcoin, contributing to the surge; it was one of the most amassed days in recent history.
Wallets possessing between 10 and 10,000 Bitcoin acquired a staggering 51,959 Bitcoin on Sunday alone, representing 0.263% of the total supply, according to Santiment.
This accumulation surge coincides with the final three weeks preceding the April 19 halving event, which the cryptocurrency community closely monitors.
Nathanaël Cohen, co-founder of INDIGO Fund, a digital-asset hedge fund, stated:
“Even though ETF inflows have hit a drag, order books are loaded on the bid side around the 60k area, showing that the market is eager to buy the dip. You need to go get the liquidity at lower levels to then catch a bid and generate momentum to go higher”.
As stated by Bitcoin analyst PlanB, a bull market emerges during each halving period, which lasts for an estimated duration of 210,000 blocks, resulting in a substantial increase in the value of Bitcoin.
It is of the utmost importance to comprehend that these price increases do not signify bubbles, but rather milestones in structure, fundamental changes, and phase transitions.
This behavior is represented in the realized price, which settles before the next large jump.
Halvings are considered pivotal occurrences within the Bitcoin ecosystem.
