Recent strong Bitcoin holders have added US$1.7 billion in value to accumulation wallet addresses in a single day, coinciding with the drop in BTC price below $63,000 earlier this week.

This increase in activity reflects investors' strong commitment to increase their holdings amidst market price fluctuations.

New Record in Bitcoin Accumulation

According to Cointelegraph, in the 24-hour period between April 16 and 17, over 27,700 BTC, valued at US$1.75 billion at the current rate, was transferred to accumulation addresses.

Data from CryptoQuant shows that this flow set a new daily record for Bitcoin, surpassing the previous record set on March 23 this year when around 25,500 BTC were transferred to similar addresses as BTC was around $63,500.

The accumulation pattern at around $63,000 suggests a strategic position by large investors. They appear to be taking advantage of the price drop to strengthen their portfolios, indicating a bullish long-term outlook on the value of Bitcoin.

Consistent investments in BTC at this price level provide a clear signal of ongoing confidence among dedicated investors.

Characteristics of Accumulation Addresses

Accumulation addresses are a type of Bitcoin wallet characterized by the absence of historical withdrawals and holding balances of more than 10 BTC. To ensure data accuracy on these addresses, those known to be affiliated with Bitcoin miners and carefully excluded crypto exchanges.

Additionally, these wallets must have been active at some point in the past seven years, confirming their ongoing relevance in the crypto ecosystem.

Market analysts, including traders using the pseudonym Rekt Capital, have shared their views on the current market dynamics.

They suggest that the early months of this year may offer investors a final opportunity to acquire Bitcoin at relatively low prices before the anticipated post-halving surge.

Pre-Halving Phase and Predictions

In its latest post, Rekt Capital analyzes Bitcoin price trends and notes similarities with previous Bitcoin halving cycles. According to Rekt, the significant drop of over 14% from Bitcoin's all-time high of $73,600 on March 13 aligns with the typical pre-halving retracement pattern.

Rekt Capital anticipates that following the halving event scheduled for April 20, Bitcoin is likely to enter a re-accumulation phase. This phase is crucial as it precedes the potential for a parabolic surge.

Historically, such phases have lasted over a year, around 385 days. However, Rekt speculates that the current market cycle may witness an accelerated timeline, potentially cutting this duration in half due to evolving market dynamics.