Bitcoin Price- Long-Term Bitcoin Holders Back in Action: What Does This Mean for BTC’s September Forecast?
Bitcoin Price- Bitcoin is officially back in the accumulation phase, as the latest data shows, and analysts are eyeing an imminent price breakout. Could this help Bitcoin recover above $66,000 by September?
According to popular analyst On-Chain College, Bitcoin’s long-term holder accumulation rate has reached a 15-month high. In an Aug. 15 post on X, they wrote:
‘Bitcoin Long-Term Holders are back to accumulating at levels we haven’t seen since May 2023.’ The Accumulation Trend Score (ATS) is a heatmap used to analyze market behavior based on different Bitcoin holder cohorts.
Additionally, Axel Adler, a verified CryptoQuant author, noted in an Aug. 16 post on X that 25% of the total Bitcoin supply was acquired in the $58,000–$73,000 price range:
‘25% of the total available Bitcoin supply was purchased at the price level of $73-58K. This represents a quarter of the total Bitcoin market capitalization, approximately $300 billion.’ Can Bitcoin reach $66,000 by September? Despite the ongoing accumulation, Bitcoin fell below $58,000 on Aug. 16, losing 4.2% over the past week.
However, according to technical analyst Titan of Crypto, Bitcoin could still be on track to reach $66,000 by September, based on historical post-halving chart patterns. The next significant resistance level is now down to $59,000. According to Coinglass data, a potential move above that level could liquidate over $700 million worth of cumulative leveraged short positions.
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