Bitcoin Whales Accumulating: Bear Market Bottom Signal?
On-chain analysis suggests that Bitcoin whales are accumulating, which could signal a bear market bottom.
This is good news for Bitcoin and cryptocurrency investors, as it shows that Bitcoin is becoming more stable and less volatile. This is a positive trend for the future of Bitcoin and cryptocurrency markets.
As central banks around the world continue to raise rates and inflation continues to rise, the Bitcoin market has remained relatively stable. This is in contrast to the typical volatility that we see in the Bitcoin market, and could be a sign that investors are confident in the long-term prospects of the currency.
The report compared the current market conditions to previous bear market lows and found that many of the same conditions are present today that were present during those lows. This indicates that the market is currently in a bear market and that prices may continue to decline.
In stark contrast to volatile equity, credit, and FX markets, #Bitcoin has remained remarkably stable in recent weeks.
In our latest report, we evaluate if true bottom formation may be in play and adjust several metrics for the influence of lost coins.https://t.co/LUprQjANBA
— glassnode (@glassnode) October 10, 2022
How long does it take to form a habit?
One of the most important things to remember when investing in a bear market is that bottoms are usually times of accumulation by experienced investors and institutions. This is why it's important to be patient and disciplined when investing in a bear market, as the whales and big players are usually slowly and steadily accumulating during these times.
There are eerie similarities between the bear market of 2018-2019 and the current market conditions. Both charts show a capitulation event followed by a bear market rally. It's unclear what the future holds, but it's possible that we could see another bear market in the near future.
Bitcoin whales are accumulating more of the cryptocurrency, according to a recent report. The report found that 15.7K BTC was withdrawn from exchanges by whales in the form of accumulation. This is the largest outflow since June 2022. Whales are defined as entities holding more than 1,000 BTC. The report's findings suggest that they are accumulating more Bitcoin rather than selling it. This is positive news for the cryptocurrency market as it indicates that whales believe in the long-term success of Bitcoin.
The current state of the cryptocurrency market suggests that large investors are accumulating assets, but the overall market remains in a state of equilibrium. This is similar to the market structure in early 2019, according to Glassnode.
Although Bitcoin is still trading below key long-term price model indicators, including the 200-week moving average at $23,561 and the realized price at $21,204, according to WooCharts, it is still a popular and valuable cryptocurrency.
Bitcoin Price Outlook for the Week Ahead
It seems that the recent Bitcoin price retreat is continuing, with prices falling by another 2.2% today. This takes the price down to around $19,000, according to CoinGecko.
It remains to be seen whether BTC will break down below $18,500 and tumble to new lows, but for now, it appears that markets are consolidating and slowly accumulating.
The post Bitcoin Whales Accumulating as Bear Market Floor is Established: Glassnode appeared first on CryptoPotato. In the current bear market, it is becoming increasingly apparent that whales are accumulating Bitcoin.