Are Bitcoin’s long-term prospects brighter than you imagine?
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Whales’ accumulation of $BTC and USDT could favor an upward trajectory for the king coin. But for now, traders may have to deal with a correction.
Bitcoin has been in a bear market for a long time, but macroeconomic factors have supported an uptrend. However, there could be another correction as market participants could be involved in another round of profit-taking. Whale and stablecoin accumulation like USDT could be advantageous for BTC in the long term. The Market Value to Realized Value (MVRV) ratio and dormant circulation are indicators to watch out for. The decrease in dormant circulation implies that most long-term holders have refrained from selling. The 90-day Mean Coin Age (MCA) has been increasing since August, indicating that holders are equipped enough to get involved in large trading activities whenever the bull market returns. The April 2024 halving could push Bitcoin toward a new All-Time High. Andrew Kuznetsov, co-founder and CTO of Islamic Coin, spoke to AMBCrypto on Bitcoin’s potential.
