- Glassnode analytics confirms that $14 billion worth of BTC has been accumulated.
- Long-term holders are seeing this stagnant BTC movement as a chase to hold more.
- Can Bitcoin still go on to set new ATHs this bull cycle?
The price of BTC continues to dawdle in the lower $80,000 price range. While some analysts are calling for an even greater price dip, some traders see this as a major opportunity to accumulate in the long term. To highlight $14 billion worth of BTC has been accumulated by long-term Bitcoin holders in the past month.
$14 Billion Worth of BTC Accumulated
As we can see from the post above, Glassnode data reveals that long-term holders have been actively accumulating Bitcoin, having added over 167,000 BTC, amounting to almost $14 billion, in just the past month alone. It seems most long-term traders are looking towards much larger targets in the long term.
Is a BTC Recovery on the Horizon?
Meanwhile, several seasoned analysts are debating over Bitcoin’s next move. According to the analyst in the post above, Bitcoin’s market structure is hinting at a major bullish update . The analyst goes on to highlight the many colors indicating price ranges in the image on the post above.
In detail, he states that as long as BTC price remains in the orange channel, then we are still in a bull market. However, if it dips to the red range which currently indicates BTC prices below $75,350, then a dump may be likely. As for chances of new ATHs, BTC price should get back in the yellow range first before ATHs can come by once again.
