Key Points
- Long-term Bitcoin holders have added 404,448 BTC over the last month.
- Bitcoin’s price has experienced a recovery, surging to $57,000.
Despite recent market turbulence, long-term holders of Bitcoin have been steadily accumulating more of the cryptocurrency over the past month.
Data from on-chain analysis indicates that these so-called “permanent holder addresses” have added an impressive 404,448 BTC, worth approximately $23 billion, to their holdings in the last 30 days.
Bitcoin Accumulation and Market Recovery
The holdings of these addresses are now nearing their all-time high. CryptoQuant CEO Ki Young Ju has reported on this trend, indicating that despite short-term market volatility, long-term confidence in Bitcoin remains strong.
Ki Young Ju also made predictions about the future of Bitcoin acquisition. He suggested that within the next year, a range of entities from traditional financial institutions to governments and corporations will make significant Bitcoin purchases.
Retail investors, according to Ju, may regret not taking advantage of market dips to buy Bitcoin. Despite various factors causing concern, such as the Mt. Gox situation, macroeconomic factors, and potential sales by the German government, retail investors have largely remained on the sidelines.
However, recent easing of concerns about a potential US recession has led to a market bounce-back. This has resulted in a strong recovery in the cryptocurrency market, with Bitcoin and other altcoins seeing over 15% recovery from their Monday lows.
Bitcoin’s Price Outlook
Ju believes that as long as Bitcoin’s price stays above $45,000, it could continue to rally and potentially hit new all-time highs within the next year. Despite a few bearish signals at present, he expects a rebound within the next two weeks. However, if bearish signals persist for a month or longer, the chances of recovery could decrease.
Altcoins have also experienced a recovery, with Ethereum surpassing $2,500. Additionally, inflows into spot Ethereum ETFs have surged, despite high market volatility in recent days.
