Bitcoin

Rekt

Bitcoin is officially back in the accumulation phase, the latest data shows, as analysts eye an imminent price breakout. Could this help Bitcoin price recover above $66,000 by September?
<h2 id="bitcoin-long-term-holders-are-accumulating-again">Bitcoin long-term holders are accumulating again</h2>
Bitcoin’s (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) long-term holder accumulation rate has reached a 15-month high, according to popular analyst On-Chain College, who <a href="https://x.com/OnChainCollege/status/1824122823075340391" target="_blank" rel="noopener nofollow">wrote</a> in an Aug. 15 X post:
<blockquote>
 “#Bitcoin Long-Term Holders are back to accumulating at levels that we haven’t seen since May 2023.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/47ab39b7-3b85-4a61-b72a-c2134113ed36.jpeg" alt="Bitcoin is back in ‘accumulation’ — What does it mean for BTC price?" title="">
 <figcaption style="text-align: center;">
 Bitcoin long-term holder position change. Source: On-Chain College
 </figcaption>
</figure>
Bitcoin holders have shifted back to accumulating over the past month, according to an Aug. 15 X post by Glassnode, which <a href="https://x.com/glassnode/status/1824082221931646992/photo/1" target="_blank" rel="noopener nofollow">wrote</a>:
<blockquote data-ct-non-breakable="true">
 “The Accumulation Trend Score indicates a market shift back to accumulation, with the ATS reaching its maximum value of 1.0, signaling significant accumulation over the past month.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/5fd53536-a714-4756-b06a-1a5b715683c0.jpeg" alt="Bitcoin is back in ‘accumulation’ — What does it mean for BTC price?" title="">
 <figcaption style="text-align: center;">
 BTC: Accumulation Trend Score. Source: Glassnode
 </figcaption>
</figure>
The Accumulation Trend Score (ATS) is a heatmap used to analyze market behavior based on different Bitcoin holder cohorts.
Moreover, 25% of the total Bitcoin supply was acquired between the $58,000–$73,000 price range, <a href="https://x.com/AxelAdlerJr/status/1824323070124831155" target="_blank" rel="noopener nofollow">noted</a> Axel Adler, a verified CryptoQuant author, in an Aug. 16 X post:
<blockquote data-ct-non-breakable="true">
 “25% of the total available Bitcoin supply was purchased at the price level of $73-58K. This represents a quarter of the total Bitcoin market capitalization, approximately $300 billion.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/090a3f90-79b1-4a18-b893-e67d1ae36f83.jpeg" alt="Bitcoin is back in ‘accumulation’ — What does it mean for BTC price?" title="">
 <figcaption style="text-align: center;">
 BTC: Percent supply in profit. Source: Axel Adler
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-bull-signal-price-breakout-2024">Key Bitcoin bull signal flashes for first time in nearly 2 years, hinting at 2x price surge</a>
<h2 data-ct-non-breakable="true" id="can-bitcoin-reach-66-000-by-september">Can Bitcoin reach $66,000 by September?&nbsp;</h2>
Despite the continued accumulation, Bitcoin fell below $58,000 on Aug. 16 after losing 4.2% over the past week.
However, according to technical analyst Titan of Crypto, Bitcoin could still be on track to $66,000 by September based on historical post-halving chart patterns.
The analyst <a href="https://x.com/Washigorira/status/1824010658075041888" target="_blank" rel="noopener nofollow">wrote</a> in an Aug. 15 X post:
<blockquote data-ct-non-breakable="true">
 “Historically, the 4th month after the halving has always been bullish for #BTC, closing above the halving price. If this pattern repeats, September could be a bullish month above $66,000.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/1eac7427-7f4d-434e-a7af-947a697449ca.jpeg" alt="Bitcoin is back in ‘accumulation’ — What does it mean for BTC price?" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-month chart. Source: Titan of Crypto
 </figcaption>
</figure>
However, according to popular analyst Rekt Capital, Bitcoin’s price first needs to overcome a significant resistance of around $61,700. The analyst <a href="https://x.com/rektcapital/status/1823808147863085338" target="_blank" rel="noopener nofollow">wrote</a> in an Aug. 14 X post:
<blockquote data-ct-non-breakable="true">
 “Notice how the local highs of ~$61700 (black) are acting as resistance. Interestingly, BTC is consolidating between the late June wedge highs (~$62,000 black) which are back to figuring as resistance and the early July wedge highs ($58,280) which are now acting as support.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/88e74083-09a8-4700-8ed3-fb8c3198a2d4.jpeg" alt="Bitcoin is back in ‘accumulation’ — What does it mean for BTC price?" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1–day chart. Source: Rekt Capital
 </figcaption>
</figure>
The next significant resistance is now down to $59,000. According to Coinglass data, a potential move above would liquidate over $700 million worth of cumulative leveraged short positions.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/0a7ceb01-109a-4050-9d51-3808ed2ce90d.png" alt="Bitcoin is back in ‘accumulation’ — What does it mean for BTC price?" title="">
 <figcaption style="text-align: center;">
 Bitcoin Exchange Liquidation Map. Source: Coinglass
 </figcaption>
</figure>
Short Bitcoin liquidations would surpass $1 billion if its price rose above $59,300.&nbsp;
Related: <a href="https://cointelegraph.com/news/institutional-bitcoin-etf-adoption-rises-q2">Institutional adoption of Bitcoin ETFs surges 27% in Q2</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin is back in ‘accumulation’ — What does it mean for BTC price?

Table of Contents

Cointelegraph

Other articles published on Aug 16, 2024

Dormant Bitcoin wallet from 2014 moves BTC worth $10.2m

South Korea’s NPS Injects $33.7M in MicroStrategy for Bitcoin Exposure

Dogecoin Targets New Low As Whale Activity Drops: Here’s The DOGE Price Trend

Bank of Ghana unveils draft rules for cryptocurrency exchanges

South Africa’s new AI framework sets foundation for tech leadership

Bitcoin in a gray zone as Morgan Stanley, Goldman Sachs diverge

Join our free newsletter for daily crypto updates!