CryptoQuant’s CEO, Ki Young Ju, compares the ongoing Bitcoin whale accumulation phase in 2024 to mid-2020 patterns. In a May 31 X post, the CEO revealed that on-chain activity is high and Bitcoin accumulation has increased significantly.
The spike in on-chain activity and whale accumulation mirrors the 2020 phase, which triggered a rally, with BTC hitting $64,000 in April 2021.
Whale Activity Dominates the BTC Market
Bitcoin has experienced considerable volatility in the past week, with price stuck around the $68,000-$69,000 threshold after rallying above $71,000 on May 21.
Bitcoin trades around $67,920, with a negligible price increase in the past 24 hours. This accumulation phase is likely contributing to its price volatility.
The Realized Cap for New Whales comparative chart shows increased BTC whale movement, suggesting potential accumulation and heightened market interest.
Presently, on-chain activity remains high despite its price fluctuations, with new whale wallets adding $1 billion in bitcoin daily. According to Ki Young Ju’s analysis in 2020, BTC hovered around $10,000 for six months, recording high on-chain activity.
This heightened on-chain activity propelled Bitcoin to $29,000 by the end of 2020. A comparison of Ki’s 2020 and 2024 charts reveals that the accumulation phase often comes before a bull run.
While Ki believes Bitcoin may rally based on ongoing BTC whale accumulation and heightened investor interest, others share varying sentiments.
X user Adrian Stewart questioned if Bitcoin is still a few months away from a breakout. Stewart believes the price is not increasing, although Bitcoin is experiencing accumulation and ETF inflows.
Despite the ongoing speculation due to the daily $1 billion BTC accumulation, crypto analyst CryptoCon is still bullish. He described the low volatility phase experienced around previous Bitcoin all-time highs as healthy price action.
Further, CryptoCon explained that times of low volatility are vital to build support for the next rally.
Bitcoin Fights Last Resistance at $69,000 Before New All-Time Highs, Analysts Say
Bitcoin’s price has faced stiff resistance around the $69,000 threshold for the past ten weeks. However, popular analyst Daan Crypto Trades believes BTC is fighting its last resistance before full-price discovery.
Per the analyst, breaking through resistance is never easy and usually takes a while. However, he believes that the results will be quite good once supply dries up around the $69,000 price region.
Similarly, other crypto analysts share bullish sentiments about Bitcoin. According to analyst Jelle, Bitcoin’s market structure remains “firmly bullish.”
Jelle identified a steady uptrend in Bitcoin’s price for over a year. Since Bitcoin has consolidated below its current all-time high, Jelle believes it is only a matter of time before it rallies higher.
He also noted that BTC is retesting a vital support level after breaking out from a falling wedge pattern. This indicates that Bitcoin will likely attain new all-time highs soon.
Bitcoin set a new all-time high of $73,737 on March 14 few weeks after the Spot ETFs began to trade. If it rallies above the $69,000 resistance, it will likely break above its all-time high in the coming months.
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