Summary
- BeInCrypto analyzed that the 7-week rally may end due to whale investors moving to realize profits on Bitcoin.
- According to Glassnode data, the accumulation score of wallets holding more than 10,000 BTC has plummeted, and several wallets have shown selling activity.
- The long-term potential for Bitcoin's rise remains due to increased institutional demand and buying pressure from global companies.
Bitcoin (BTC) has been on a 7-week rally, but there is analysis suggesting a short-term correction may occur.
On the 27th (local time), BeInCrypto reported that "whale investors are moving to realize profits on Bitcoin," and "Bitcoin's 7-week rally may end." It continued, "According to Glassnode data, the accumulation score of wallets holding more than 10,000 BTC has plummeted from 0.8 to 0.5," adding that "wallets holding between 1 BTC and 10,000 BTC are also showing increased selling activity."
Furthermore, UTXO (Unspent Transaction Output) also indicates a correction. The media stated, "Currently, 99% of UTXOs are in a profit state. This suggests the market is overheated," explaining that "the possibility of a short-term correction in Bitcoin is increasing."
However, it added that the long-term potential for Bitcoin's rise remains due to increased institutional demand and buying pressure from global companies.
Juan Leon, a Bitwise analyst, also predicted a long-term rise, stating, "Within the next 18 months, Bitcoin will establish itself as a global store of value."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
