Survey uncovers reacquisition of Bitcoin by long-term holders after five months

A recent survey has revealed that long-term holders of Bitcoin (BTC) are accumulating the cryptocurrency for the first time in five months. According to data from analytics platform Glassnode, investors in the largest cryptocurrency on the market have shifted from selling to accumulating BTC tokens. This marks a significant change in market behavior since December of last year. Glassnode’s analysis report, released on May 28, highlighted the consolidation of Bitcoin, which is currently near its all-time high. The report also noted that spending pressure from long-term holders has decreased, indicating a return to accumulation patterns. The analysts believe that volatility is needed to drive the next wave of growth. The report also highlighted the bullish trend of Bitcoin driven by spot markets, particularly due to the launch of exchange-traded funds (ETFs) in the United States. The analysts draw parallels with the market structure of 2023-2024, suggesting that the upward trend could be largely driven by the spot market. In addition, macro strategist Henrik Zeberg predicts a significant upward move for Bitcoin in the near future. He believes that the cryptocurrency has the potential for a 64% rally by the third quarter of 2024. Zeberg expects a major change in the market and anticipates a big movement in mid-June. His prediction puts the Bitcoin price at $110,000 in the coming months. However, it is important to note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing or trading cryptocurrencies carries a risk of financial loss.