After enduring its deepest correction since the FTX lows, with a decline of 20.3%, Bitcoin has rebounded, reaching $71,000 on May 20, 2024.
This remarkable recovery places Bitcoin near its all-time high and showcases a pattern reminiscent of the 2015-2017 bull market.
The pattern closely aligns with that of the previous bull market, highlighting a historical consistency in Bitcoin’s performance cycles.
One of the most reliable indicators of Bitcoin’s future price movements has been the behavior of wallets holding at least 10 BTC. Historically, when these wallets accumulate Bitcoin, it signals a market rise, while their liquidation often heralds extended bear markets.
🐳📊 Historically, one of crypto's top leading indicators is the collective holdings of wallets with at least 10 Bitcoin (exchanges or otherwise). When they accumulate, cryptocurrencies rise. When they dump, extended bear markets come. What do you think about this chart? pic.twitter.com/U7ZBrdvaUi
— Santiment (@santimentfeed) May 30, 2024
Over the past five months, such wallets have added 154,560 BTC, suggesting strong confidence and a bullish outlook among large holders.
Bitcoin ETF Net Inflow Remain Positive For 12 Consecutive Days
Moreover, Bitcoin ETF net inflows have been positive for 12 consecutive days, totaling $28 million on May 29, 2024. However, the volume of these inflows has declined over the past two days. Grayscale’s GBTC has experienced outflows for two consecutive days, indicating a potential shift in investor sentiment.
🚨 $BTC #ETF Net Inflow May 29, 2024: +28$M!
• The net inflow has been positive for 12 days but the volume has been low in the past 2 days ⚠️
• #Grayscale (GBTC) experienced outflows for 2 days in a row.
• The single-day inflow of #BlackRock (IBIT) dropped from $102.5M to… pic.twitter.com/A71rjByE9x
— Spot On Chain (@spotonchain) May 30, 2024
In contrast, BlackRock’s IBIT saw a significant drop in single-day inflows, from $102.5 million to $24.6 million, reflecting a more cautious market approach.
Despite these fluctuations, the overall trend points to a robust foundation for Bitcoin’s continued growth. The consistent accumulation by large holders and positive net inflows into Bitcoin ETFs underscore a strong market sentiment.
As Bitcoin navigates these dynamics, the interplay between institutional investments and the actions of significant holders will be crucial in shaping its future trajectory. The current market conditions and historical patterns suggest that Bitcoin is well-positioned for further advancements, potentially reaching new all-time highs soon.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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