BTC Soars to $30,000: Evidence of Re-Accumulation?

BTC Soars to $30,000: Evidence of Re-Accumulation?

Bitcoin Price Holds Firm at $30,000

• Bitcoin’s value has grown by 91% since its November 2022 price lows.
• On-chain metrics suggest that the market is trending towards a period of re-accumulation.
• Inscriptions led to a surge in BTC network activity, but active address momentum is increasing again.

Evidence of BTC Re-Accumulation?

Bitcoin’s [BTC] price has been consolidating at the $30,000 “mid-point” price and on-chain metrics are suggesting that the market is trending towards a period of re-accumulation. Since its bear market lows of November 2022, when the leading coin traded for as low as $15,000, its value has grown by 91%.

Glassnode also noted how Inscriptions have impacted on-chain activity within the Bitcoin network. Inscriptions significantly increased network activity but also led to significant address reuse and small transfer volumes. With inscriptions declining, active address momentum has started to increase over the last few months.

The 2021 -22 Cycle

Glassnode assessed the depth of “bull market corrections” so far this year and compared it with previous cycles. The peak drawdown was just -18%, which was remarkably shallow compared to all prior cycles – suggesting strong underlying demand for BTC assets. This recovery from bear market lows carries a remarkable resemblance to prior cycles‘ recovery rallies.

Is Your Portfolio Green?

Active traders may want to consider using a Bitcoin Profit Calculator to understand how their portfolio is performing in relation to current prices and trends before committing any financial resources into crypto trading activities.

Conclusion

As Bitcoin holds firm at around $30,000, evidence suggests that we may be entering a period of re-accumulation within this cycle and investors should use caution when making decisions about their investments in order to maximize returns while minimizing risk exposure.