Die-hard Bitcoin investors sent a record $1.7 billion worth of BTC to “accumulation” addresses as the cryptocurrency plummeted

Committed bitcoin investors added a record $1.7 billion worth of btc to 'accumulation' wallet addresses in a single 24-hour period earlier this week, when btc fell below $63k, which indicates strong confidence that the cryptocurrency will recover beyond that level.

Wallet addresses that have no withdrawal history, have more than 10 btcand they don't belong to exchanges nor did miners add a staggering 27,700 coins to their reserves between April 16 and 17, according to CryptoQuantum data.

This massive accumulation was a new daily record, surpassing the 25,500 btc coins that were collected by these addresses on March 23, when the price of the market leader was hovering. around $63,500.<img decoding="async" alt="bitcoin soars again to $50,000 due to institutional demand | Reuters” src=”https://technicalterrence.com/wp-content/uploads/2024/04/Die-hard-Bitcoin-investors-sent-a-record-17-billion-worth-of.jpg”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/04/Die-hard-Bitcoin-investors-sent-a-record-17-billion-worth-of.jpg" alt="bitcoin soars again to $50,000 due to institutional demand | Reuters”/>

bitcoin could enter a reaccumulation phase after the halving

Several analysts have predicted that the weeks leading up to the halving will be the last opportunity for investors to acquire btc before an anticipated post-halving rally.

Pseudonymous trader Rekt Capital is one such analyst and told his 453,000 followers on x that btc is showing a similar pattern to previous halving cycles. btc's 14% drop from its all-time high of $73,600 on March 13 was also expected and was part of a “pre-halving pullback,” he said in an April 17 x post.

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twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc

3 Phases of the bitcoin Halving

1. Final pre-halving rollback

bitcoin has produced two -18% retracements before the Halving in the span of just over a month.

In mid-March, btc retraced -18% before recovering to $70,000 and now, in mid-April, btc retraced -18% again.

This… pic.twitter.com/2BKBQXpPOV

-Rekt Capital (@rektcapital) twitter.com/rektcapital/status/1780664769692786834?ref_src=twsrc%5Etfw”>April 17, 2024

After the halving, which is scheduled for April 20, the trader believes that bitcoin will enter a reaccumulation phase.

“Historically, this phase has lasted just over a year (~385 days), however, with a potential accelerated cycle occurring right now, this figure may be halved in this market cycle,” he said.

Don't use past halvings to determine what btc will do this cycle, warns Goldman Sachs

Goldman Sachs look at things differently. Investors are warned not to use past bitcoin halving cycles to predict btc performance after the next event. The investment banking giant said this halving event could be different due to prevailing macroeconomic conditions.

During previous halving cycles, demand for risk assets was high as interest rates remained at zero or below zero in most developed economies. But now US interest rates are above 5%, and analysts are becoming more skeptical that rate cuts will happen this year.

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The fourth bitcoin halving is imminent! twitter.com/GoldmanSachs?ref_src=twsrc%5Etfw”>@GoldmanSachs warns against relying on past trends to make future predictions. The macroeconomic landscape has changed, and it could also change the trajectory of bitcoin's price after the halving. Stay informed! twitter.com/hashtag/BitcoinHalving2024?src=hash&ref_src=twsrc%5Etfw”>#BitcoinHalving2024 twitter.com/hashtag/CryptoNews?src=hash&ref_src=twsrc%5Etfw”>#CryptoNews pic.twitter.com/NiMTYS843j

– Juan Bravo (@JohnBTCBravo) twitter.com/JohnBTCBravo/status/1780613437715869800?ref_src=twsrc%5Etfw”>April 17, 2024

Both the stock and cryptocurrency markets could be approaching a “crucial inflection point” and heading for a sharp correction, 10X Research founder Markus Thielen warned in an April 16 report. investigation Note.

He cited current inflation, the possibility of fewer rate cuts than expected this year and rising bond yields as reasons underlying his bearish outlook.

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