On The Horizon Is An Extremely Bullish Wave For Bitcoin As BTC Accumulation Level Reaches A 7-Year High
As the price of Bitcoin (BTC) reaches to levels last seen in 2015, accumulation is seeing a significant uptick. This optimistic indicator comes after Bitcoin’s collapse from the $20k support as the market bears prepare to seize control.
BTC growth trend reaches levels last seen in 2015
The update was sent on Twitter on Monday by Ki Young Ju, the CEO of the cryptocurrency analytics website CryptoQuant, along with a chart that supported his findings. Ki’s study was based on the indicator Realized Cap – UTXO Age Bands for Bitcoin. According to information from the graph, BTC held for more than six months currently makes up an astounding 74% of the asset’s realized worth.
This statistic was last seen by the community in 2015, when the market peaked at a BTC value of $220. Before this most recent increase, the realized cap contribution ratio for BTC aged 6 to 12 months has increased twice since 2015.
Interestingly, every rally occurred right when the market was at its lowest point. In 2015, the climb to 77% took place at the cycle’s lowest point. The realized cap contribution ratio for BTC aged 6 to 12 months also increased to 70% in the depths of 2019.
While some analysts claim that the markets might yet see more drops before a significant bull run, many market observers believe that this cycle’s bottom has been reached. This indicator supports the idea that the cycle has bottomed, especially given that BTC was unable to test the lows from mid-June once again.
Exchange BTC supply falls to a 4-year low of 8.98%
Furthermore, the fact that investors are ready to hold onto their BTC unchanged for more than six months shows how strong the majority of BTC holders’ resolve is, despite the unfavorable market conditions. Ki emphasized the challenges this technique poses, particularly in light of current market conditions.
Santiment has brought attention to another another positive exchange indicator indication. As the supply ratio of Bitcoin on exchanges drops to 8.98% for the first time since 2018, data shows that investors are withdrawing their holdings from them.
A decrease in the ratio of BTC supply on exchanges has boosted confidence in the market as the likelihood of a selloff has decreased. Investors typically transfer their assets from exchanges to personal wallets when they plan to retain them for an extended period of time.
In the midst of these encouraging signs, BTC is covertly mounting a defense against the bears. The asset has crossed over the $19k support level in an attempt to overcome the $20k resistance level. As of the time of this writing, BTC is trading at $20,110, up 3.63% over the last 24 hours.
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