CryptoQuant founder and CEO Ki Young Ju sees a similarity between the current activity in the Bitcoin market and the summer of 2020. In a post on Twitter, Ki Young Ju reveals the high on-chain activity and the sharp increase in Bitcoin accumulation by whales.
Whales kopen Bitcoin
Despite the low volatility of the Bitcoin price, Ki Young Ju’s Realized Cap for New Whales chart shows a significant inflow towards Bitcoin.
Not everyone is equally optimistic about Bitcoin at the moment. Many people wonder how the price can remain at this level when there is so much accumulation by large wallets.
At the time of writing, the Bitcoin price clocks in at $68,200. The downward pressure on the price appears to be mainly the result of uncertainty regarding American inflation.
Today we receive another important batch of new information about this with the PCE Price Index. What. in that regard, volatility may pick up after the publication of those dates at 2:30 PM Dutch time.
Bitcoin accumulation phase in 2020
In 2020, Bitcoin price stabilized around the $10,000 level and stayed there for a few months.
At those times there was also increased activity on the blockchain. Later it became known that these were so-called over-the-counter (OTD) deals. These are private Bitcoin transactions, often from more wealthy people.
This phase of accumulation ultimately resulted in Bitcoin’s price explosion towards $29,000 at the end of 2020.
In his comparison of Bitcoin’s current chart with that of 2020, Ki Young Ju sees many parallels. That makes it expectant and positive about the months ahead with Bitcoin.
However, much remains dependent on the development of the macroeconomic situation and in particular when the US central bank starts lowering interest rates.
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Source: https://newsbit.nl/cryptoquant-ceo-whales-kopen-bitcoin-situatie-lijkt-op-zomer-2020/
