Recent data indicates that Bitcoin accumulation has reached an all-time high, reflecting growing investor interest. Analysts are predicting possible price corrections in cryptocurrency.
Bitcoin Accumulation Sets New Record
According to CryptoQuant, the number of Bitcoin accumulation addresses has surpassed 320,000, setting a new historic record. Accumulation addresses serve as a metric for monitoring the number of addresses that continuously increase their crypto holdings with little spending or selling. An increase in accumulation suggests a potential supply squeeze across exchanges.
Price Correction: Concerns about Profit-Taking
Bitcoin's recent price correction and the overall downturn in the cryptocurrency markets have raised concerns that investors may begin to take profits. According to Bitfinex, such actions typically occur when Bitcoin starts to trend downward after reaching new all-time highs. The analysis also points to the absence of macroeconomic catalysts that could sustain upward momentum.
Future of Bitcoin: Observations and Predictions
Analyst Broke Doome reported that a BTC whale automatically purchases Bitcoin worth $600 every second, spending approximately $52 million per day to acquire 450 BTC. Despite the recent correction, technical and on-chain metrics for Bitcoin still show positive indicators suggesting a rally may continue.
Overall interest in Bitcoin continues to rise, supporting a positive trend in the market. Analysts recommend monitoring key price levels at $116,000 and $122,000.
