Bitcoin has officially entered what analysts are calling the accumulation phase once again. This phase is characterized by an increase in the number of long-term holders of Bitcoin, which could potentially lead to a significant price breakout in the near future. According to data from On-Chain College, the accumulation rate for Bitcoin has reached a 15-month high, indicating renewed interest from long-term investors.

The Accumulation Trend Score (ATS) is a heatmap used to analyze market behavior based on different Bitcoin holder cohorts. Glassnode reported that 25% of the total Bitcoin supply was acquired within the $58,000–$73,000 price range. This is a strong indicator that long-term holders are once again accumulating Bitcoin in anticipation of future price gains.

Despite the recent dip in price, technical analysts are still optimistic about the potential for a price surge. The analyst known as Titan of Crypto believes that Bitcoin could reach $66,000 by September based on historical post-halving chart patterns. However, it is important to note that there are significant resistance levels that Bitcoin will need to overcome in order to reach this price point.

Rekt Capital, another popular analyst in the crypto community, has pointed out that Bitcoin’s price first needs to overcome a significant resistance level of around $61,700. If Bitcoin is able to surpass this resistance, it could lead to a liquidation of over $700 million worth of cumulative leveraged short positions. Additionally, a move above $59,000 would result in short Bitcoin liquidations exceeding $1 billion.

The recent data indicating a return to the accumulation phase for Bitcoin has led to speculation about the future price trajectory of the cryptocurrency. While there are no guarantees in the world of investing and trading, the renewed interest from long-term holders could potentially signal a bullish trend for Bitcoin in the coming months.

It is important to remember that this article does not contain investment advice or recommendations. Investing and trading in cryptocurrencies carries inherent risks, and it’s crucial for readers to conduct their own research and exercise caution when making financial decisions. With that being said, the recent accumulation of Bitcoin by long-term holders is definitely a trend worth keeping an eye on, as it could have significant implications for the future price of BTC.

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