Sahana Vibhute
The markets appeared to have become optimistic as a couple of events were supposed to turn the tables for the majority of tokens, including Bitcoin. The price is hovering in and out of $67,000, which suggests equal participation among the bulls and the bears. This turned out to be a good time to accumulate, as whale activity has also increased to some extent. As per the Glassnode data shared by analyst Ali, the whales are constantly buying and holding BTC.
The above chart shows Bitcoin’s accumulation trend score, which has undergone a major shift from the distribution phase to the accumulation phase. One of the major reasons could be the whales seeing potential in Bitcoin with the generational change. With the rise in whale accumulation, the markets are expected to turn bullish. Historically, the BTC price has consolidated each time before the next bullish action; hence, a similar trend may reciprocate.
A popular analyst, Rekt Capital, who was always bullish on Bitcoin, regardless of the interim bearish heat, believes the price may mark new highs in the next couple of months. As per the analyst, the BTC price has begun with a re-accumulation phase, which usually happens after the halving and hence a parabolic curve may occur soon after this.
The BTC price follows a pattern of accumulation and breakout for quite a long time. This helps the bulls gather strength, which could be utilised during the following bullish action. After the 2020 halving, the price consolidated within a range for almost 3 months followed by a bullish breakout, forming a new ATH. Currently, the price has already formed a new ATH and began with an accumulation phase before the halving.
This suggests the end of the consolidation and sluggish BTC price behaviour may come very soon, as the bulls appear to be largely dominating the rally. Therefore, considering the above trade set-up, the BTC price is expected to continue to accumulate around $70,000 for another couple of months, following which a breakout may form a new ATH
