Originally published on: August 16, 2024
As Bitcoin enters the accumulation phase once again, analysts are eagerly anticipating a potential price breakout. Could this resurgence help Bitcoin climb back above $66,000 by September? Let’s dive into the latest data and insights.
Recently, Bitcoin’s long-term holder accumulation rate hit a 15-month high, signaling a strong sentiment among investors. Analysts like On-Chain College and Glassnode have pointed out this shift towards accumulation in their latest reports.
The Accumulation Trend Score (ATS) is a key metric used to gauge market behavior among different Bitcoin holder groups. Notably, Axel Adler from CryptoQuant highlighted that 25% of the total Bitcoin supply was acquired within the $58,000–$73,000 price range.
Despite a recent dip below $58,000 on August 16, technical analysts like Titan of Crypto remain optimistic about Bitcoin’s trajectory. Drawing on historical post-halving chart patterns, Titan sees a potential surge towards $66,000 by September.
However, before reaching that milestone, Bitcoin must overcome key resistance levels, starting around $61,700, as highlighted by renowned analyst Rekt Capital. Breaking past these resistance points could trigger significant liquidations of leveraged short positions, potentially exceeding $700 million.
If Bitcoin manages to breach $59,000, Coinglass data suggests that over $1 billion in leveraged short positions could be liquidated. This potential domino effect underscores the importance of key price levels in Bitcoin’s current journey.
Remember, this article does not offer investment advice. Always conduct thorough research and analysis before making financial decisions. For more insights like this, subscribe to the Markets Outlook newsletter and stay informed about the latest trends in the crypto market.