CDS Crypto News Bitcoin Price- Accumulation Phase Signals Imminent Price Breakout
Crypto News

Bitcoin Price- Accumulation Phase Signals Imminent Price Breakout

55
Bitcoin Price- Accumulation Phase Signals Imminent Price Breakout

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.

BitVM2 Whitepaper Revealed- Boosting Bitcoin Capacity Without Core Code Changes

Leave a comment

Leave a Reply

Related Articles

Dogecoin (DOGE) Surges 25% as Elon Musk Endorses D.O.G.E Proposal in Trump’s Campaign

Dogecoin (DOGE) surged over 25% in 24 hours and extended its 30-day...

X Empire Token Surges Amid Election and Musk’s Influence on Crypto

X Empire token jumps 53% amid Trump’s projected win, Musk’s influence, and...

Polymarket Election Bets: How the Trump Victory Sparked $3.6 Billion in Volume

Following Donald Trump's historic reelection victory, Polymarket's 2024 election contract saw a...

Optimism and OP Stack: Key to Ethereum’s Scaling Success

Optimism's OP Stack leads Ethereum's layer-2 race, attracting major projects like Kraken,...