Bitcoin [BTC] accumulation rallies, but is there a chance of a price surge?

As per an analyst, BTC’s worth may fall additional.
Within the present cycle, BTC purchase quantity momentum has continued on a downtrend.

An evaluation of Bitcoin’s [BTC] purchase quantity momentum revealed {that a} additional fall within the main coin’s worth was imminent, in keeping with CryptoQuant analyst Ghoddusifar.

Learn Bitcoin’s [BTC] Price Prediction 2023-24

In keeping with Ghoddusifar, in previous market cycles, the expansion in BTC’s purchase quantity momentum preceded an eventual uptrend in its worth. An evaluation of the metric assisted buyers up to now cycles when BTC’s worth was about to rise.

Ghoddusifar acknowledged,

“One of many good instruments that may decide the uptrend is the amount of consumers. The purchase quantity momentum reveals the rise of consumers out there. Inspecting this momentum up to now cycles reveals that it has been capable of predict effectively when the market is on the way in which to beginning an uptrend.”

Supply: CryptoQuant

Within the present cycle, BTC purchase quantity momentum has continued on a downtrend, indicating that one ought to anticipate an extra fall within the king coin’s worth.

Supply: CryptoQuant

Bitcoin accumulation not slowing down

Per information from CoinMarketCap, BTC exchanged palms at $17,170.38 at press time. Whereas the coin’s worth dropped severely following FTX’s sudden collapse, key addresses went on an accumulation spree.

On-chain information revealed that the shark and whale addresses holding 1 – 100,000 BTC rallied by 5% within the final month. Even whereas BTC traded at a two-year low following FTX’s fallout, these buyers remained resilient.

Supply: Santiment

A take a look at BTC’s change exercise pointed to decreased sell-offs because the market regained its calm following FTX’s collapse. As of this writing, BTC’s Change Internet Place Change was noticed at -172,000.

Whereas this meant that few BTC had been despatched to exchanges to unload, it additionally confirmed a pointy enhance within the variety of BTC held in self-custody after FTX collapsed.

Supply: Glassnode

Moreover, BTC accumulation grew although BTC holders principally logged losses on their investments within the final month. An evaluation of the king coin’s Realized Internet Realized Revenue/Loss confirmed this. With many holders nonetheless at a loss at press time, BTC’s realized internet revenue/loss stood at -$322.07 million.

Supply: Glassnode

Though sell-off momentum declined steadily, BTC continued to be trailed by unfavorable sentiment. Per information from Santiment, since FTX’s collapse, weighted sentiment for the king coin rested under the middle line. At press time, this stood at -0.737.