On-chain data in Bitcoin shows that the selling pressure on the price has decreased and long-term investors have started to accumulate BTC again after December 2023.
While this situation was interpreted as a bullish signal by market analysts, a bullish comment also came from CryptoQuant CEO Ki Young Ju.
Stating that there is a great similarity between the current Bitcoin market activity and its activities in 2020, Ju said that on-chain activity remains high despite low price volatility.
At this point, the famous CEO pointed out that new whale wallets make $1 billion worth of purchases daily, and said that whales are making savings.
Stating that the current market dynamics in Bitcoin are very similar to 2020, Ju points out that the ongoing trends are strongly similar to the previous bull run, which increases bullish expectations for the market.
“The current sentiment in Bitcoin is similar to mid-2020.
At the time, BTC was hovering around $10k for 6 months with high on-chain activity, later revealed to be OTC buying. Then came the rise.
The situation is the same now. “Despite low price volatility, on-chain activity remains high, with $1 billion being added daily to new whale wallets, likely accumulating.”
As a result of the accumulation phase and high activity in 2020, BTC reached the price of $ 29,000 at the end of 2020 and the ATH of $ 69,000 in November 2021.
*This is not investment advice.