by - BTC accumulation by whales is skyrocketing, with over 1.9 million BTC moved to mega wallets since the beginning of 2024.
- Other metrics show why BTC is a good bet for long-term investors.
A huge amount of Bitcoin [BTC] was recently transferred to new, large wallets, indicating significant activity from large investors, the so-called “whales”.
This move follows a market crash earlier this week that some analysts believe marked the bottom of the cycle before the start of the next bull run.
According to CryptoQuant, the total number of Bitcoins held in new wallets with over 1,000 BTC (including spot ETFs and custodial wallets, but excluding exchanges) is expected to exceed 1.9 million BTC in 2024.
Source: CryptoQuant
This, as well as the following analysis, indicates growing confidence in Bitcoin’s long-term potential.
The MVRV Z-Score has not yet reached its peak
The MVRV Z-score, an important tool for detecting market highs and lows, is currently below 2. This indicates that Bitcoin is in the undervalued zone.
This suggests that Bitcoin has not yet reached its peak. Those who claim that the peak has been reached may be making a mistake, as investors and traders can expect significant gains in the fourth quarter of 2024.
Source: Bitcoin Magazine
Bitcoin dominance continues to increase
Additionally, Bitcoin Dominance hit a new short-term high last week, a strong signal of the upcoming rally.
Although the exact timing is uncertain, this increasing momentum suggests that Bitcoin is on the verge of a significant upside move.
The bull run is gradually gaining momentum and if it really gets going, Bitcoin is expected to go parabolic.
Source: TradingView
MicroStrategy BTC holdings at $13.74 billion
Furthermore, the fact that MicroStrategy’s BTC holdings are valued at $13.74 billion at the time of writing demonstrates a strong commitment to the future of BTC.
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They have gone all out and bet on Bitcoin’s long-term potential, with their stock growth being 995% over the past four years. shows.
This investment strategy highlights why Bitcoin could be a great option for long-term gains. Watching their bold move is like witnessing a financial drama in real time.
Source: SaylerTracker.com
