Sentiment Predicts Bull Market as Bitcoin Accumulation Hits Record High

IconCryptoNewsTerminal Staff02 Jul, 2024

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Sentiment Predicts Bull Market as Bitcoin Accumulation Hits Record High

Santiment, a cryptocurrency market data platform, has predicted that "the amount of BTC accumulated by wallets holding more than 10 BTC is hitting a record high of around 16.17 million BTC." Based on this data, Santiment believes that a long-term bull market is likely to continue. In an ideal environment, the purchasing power (dry powder, uninvested funds) of large USDT, USDC holders will be the catalyst for the next crypto bull market. Santiment's findings are supported by other recent market data, such as the fact that Bitcoin's price has been steadily increasing in recent weeks. Additionally, the number of active Bitcoin addresses has also been increasing, suggesting that more people are using Bitcoin. Overall, the evidence suggests that a bull market for Bitcoin is likely to continue. Investors who are looking to add Bitcoin to their portfolio should consider doing so now, while prices are still relatively low.

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