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💥 Bitcoin can accumulate for another 2 months before entering a new rising wave
Since the fourth Bitcoin Halving event took place on Saturday (April 20), the price of Bitcoin (BTC) has increased 7% from $63,000 to $67,000 as of April 24.
However, BTC has fluctuated in the range of $60,000 - $70,000 for nearly 2 months. According to analysts at QCP Capital, it could take about 2-3 months for post-halving changes to really impact BTC prices.
QCP Capital said: "The three previous halvings, BTC prices only increased exponentially around 50 - 100 days after the actual halving date. If this pattern repeats this time, the bulls still have weeks to build larger buying position."
At the beginning of the week, Bitfinex analysts also indicated that the demand to buy BTC after the Halving could be 5 times higher than the supply.
Specifically, the supply of new Bitcoin after Halving is only about 30 million USD daily while the demand to buy from Spot BTC ETF funds is up to 150 million USD. The supply-demand imbalance could push BTC prices to continue growing.
According to research firm Santiment, on-chain data shows signs of recent buying from wallets holding between 1,000 - 10,000 BTC ($67 million - $670 million).
Santiment wrote in a post on holding an additional 1.24% of total supply. Users are also showing high levels of FOMO."
The group of whales analyzed now owns more than a quarter of the BTC supply, heading towards a new record high. The increasing accumulation of whales combined with the effect from the Spot BTC ETF approval in January & the Bitcoin Halving event in April has caused BTC to increase over 50% since the beginning of the year.
🎯 This article is for informational purposes only, not investment advice. Readers should always do their own research before investing in any project.
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