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Home Cryptocurrency news Bitcoin

Data: Bitcoin Is In Accumulation, and That Means $10k Could Soon Break

Tony Spilotro by Tony Spilotro
8 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
bitcoin btcusd btcust xbt xbtusd crypto
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Bitcoin price continues to trade sideways for several weeks now, bringing the asset’s notorious volatility to a chilling halt. This type of price action often indicates accumulation, which typically takes place at lower prices.

Additional data reflecting crypto exchange BTC balance also suggests that accumulation is taking place, all while Bitcoin trades just below $10,000. If this really is an accumulation phase, what comes next for the first-ever cryptocurrency?

Is The Next Cryptocurrency Bull Market Upon Us?

The leading cryptocurrency by market cap appears to be at an impasse. The asset’s halving is long behind us, yet no new bull market is here as many had claimed.

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The longer it takes for the cryptocurrency to surge, the more naysayers come out of the woodwork to bash valuation models such as stock-to-flow, and others.

Bitcoin price predictions range from zero to over $1 million per BTC eventually. The ultra-scarce digital asset could someday replace all of the world’s fiat money, or it could fizzle out completely. There is little room for in-between scenarios.

Related Reading | Bitcoin’s Perfect Storm On The Horizon As Analyst Calls For ‘Inevitable’ Dollar Collapse

The asset has been in a long-term uptrend and secular bull market, with few downtrends in between. The cryptocurrency is now at that critical moment where either a new bull market is set to begin, or a deeper fall into the depths of the ongoing bear market could be next.

Bitcoin has thus far been unable to break above $10,000 and remains that way even today. But the major difference between now and then, is that data suggests this latest visit to $10,000, is an accumulation phase and not distribution.

Data Signals Bitcoin Accumulation Phase Despite Prices Near $10,000

According to Wyckoff theory, markets go through four distinct phases: accumulation, mark up, distribution, and markdown. Investors accumulate large holdings of assets at lows, then prices surge during the markup phase. That’s when the early investors begin to distribute their assets, taking profit, and starting a markdown phase. The cycle then repeats all over again.

Due to Bitcoin’s hard-coded digital scarcity, when and at what price the asset is accumulated at may be drastically different than other assets.

Bitcoin was accumulated full force when the asset fell to $3,200 in December 2018. Then prices were marked up, and distribution took place all throughout the second half of 2019.

Distribution also took place each time Bitcoin price reached $10,000 or more. But now, the key price level could be where accumulation is unfolding.

We are in the #BTC accumulation phase.

The 30- and 90-day moving average gap of all exchanges' reserve represents the downside risk. It hit a record low in May this year and is still below zero. pic.twitter.com/IsljYG6h0Z

— Ki Young Ju (@ki_young_ju) July 13, 2020

New data depicting the 30- and 90-day moving average “gap of all exchanges’ reserve” BTC, shows that the Black Thursday collapse sent Bitcoin reserves to a record low. Reaching such lows historically has acted as a powerful buy signal.

Related Reading | Bitcoin Closing Above This Level Triggers The Most Profitable Buy Signal Ever

Zooming out further reveals that each time the moving average of exchange reserve BTC supply, Bitcoin went on a powerful rally shortly thereafter.

bitcoin btcusd

Source: CryptoQuant

The metrics indicate that Bitcoin is being accumulated full bore, much like it was when the asset fell to its bear market low at $3,200. That low may have been the point of maximum financial return during this bear and bull cycle.

The next stop could be a new record peak in BTCUSD before the entire cycle repeats all over again.

Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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