Analysis: BTC Enters Accumulation Phase for Next Rally
CryptoNewsTerminal Staff04 Jun, 2024
Analysis: BTC Enters Accumulation Phase for Next Rally
Bitcoin Enters Accumulation Phase Ahead of Next Rally According to a recent analysis report by Bitfinex, the cryptocurrency market has shifted from a corrective phase to an accumulation phase, indicating that Bitcoin (BTC) is preparing for a new rally. The report highlights increased spot market Open Interest and average transaction sizes for BTC and Ethereum (ETH), suggesting consistent buying activity. Additionally, positive sentiment is reflected in the rising number of net new accumulation addresses and sustained inflows into Grayscale's GBTC ETF, which has acquired over 4x the amount of Bitcoin produced by miners daily. These indicators suggest that investors remain optimistic about Bitcoin's long-term prospects, and the accumulation phase is expected to pave the way for the next rally in the cryptocurrency market.
