Bitcoin

when

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin is being accumulated by institutions, with 404,448 BTC moved to permanent holder addresses in the last 30 days.</li> 
 <li>USDT dominance is showing a bearish reversal pattern, which could trigger a Bitcoin rally.</li> 
</ul> 
<p> The past month has seen a significant accumulation of <a href="https://coineagle.com/price/bitcoin/">Bitcoin</a>, with 404,448 BTC, equivalent to $23 billion, moved to permanent holder addresses. This indicates that institutions are heavily buying into the cryptocurrency.</p> 
<p>Retail investors, on the other hand, may be missing out on this opportunity. Concerns such as the German government’s potential sale of Bitcoin or issues with Mt. Gox have distracted many, leading to regret over not buying the dip.</p> 
<h2 id="bitcoin-s-current-cycle-mirrors-2019-20">Bitcoin’s Current Cycle Mirrors 2019/20</h2> 
<p>The BTC weekly chart is showing signs of mirroring the 2019/20 cycle. This includes a double bottom, a peak with a double top, a break, a low, and then a rally.</p> 
<p>Currently, Bitcoin is in a correction phase, which could be its final dip before another rally. This phase appears to be attracting significant institutional investments.</p> 
<h2 id="usdt-dominance-and-bitcoin">USDT Dominance and Bitcoin</h2> 
<p>A drop in USDT dominance often leads to a rise in cryptocurrency prices. This trend was evident on ‘Crypto Black Monday,’ when $1.7 billion in assets were liquidated.</p> 
<p>USDT dominance recently tested a key resistance and was rejected, suggesting a potential shift in the market direction. The 50-day exponential moving average was also retested, further confirming the trend reversal.</p> 
<p>A divergence has been observed between the falling Bitcoin funding rate, suggesting a bearish trend, and heavy institutional buying, which indicates a possible reversal. This market correction could last between 4 to 8 weeks, potentially followed by a rally in Q3 2024.</p>

Mass Migration of 404,448 Bitcoin towards Long-Term Wallets: Signs of an Upcoming Bull Run?

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CoinEagle.com

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