Increase in New entities and mass accumulation of Bitcoin in full swing.
There has been an increase in Bitcoin new entities over the last week. Significant boost in the number of New Entities the previous week, breaking through a pretty rough downtrend. According to recent data on crypto data provider Glassnode, the number of new entities trooping into the Bitcoin market surged above 112,500, indicating a possibility that the price of BTC may rally in the coming days.
The number of new entries surged dramatically from 102K to 112K, BTC price trading at $40K if follow the rising trend of fresh entries can easily reach $50K in coming weeks.
Similar Events Occurred Last Year
It is worth noting that the number of new entities skyrocketed after a rough downtrend caused by the Russian invasion of Ukraine, which affected the global financial market, including cryptocurrencies.
Interestingly, the last time Bitcoin recorded a surge in the number of new entrants was in September 2021, which prompted a sensational boost in the world’s largest cryptocurrency value.
BTC went on to hit a new all-time high (ATH) of over $69,000 at the time. With the cryptocurrency currently replicating the same growth in its number of new entities similar to what was recorded in September 2021, there is a likelihood that the price of Bitcoin will also skyrocket in the coming days.
Bitcoin at Key Support Level of $38,500
Currently, Bitcoin is currently at a key support level of $38,500. Data provided by cryptocurrency on-chain metric platform IntoTheBlock shows a massive accumulation of Bitcoin between the price levels of $37,900 and $39,000.
Per the data, nearly 1.36 million Bitcoin addresses have accumulated a combined 750,000 BTC between $37,900 and $39,000.
The accumulation spree seemed to be paying off for Bitcoin as the cryptocurrency surged above $40,000 after falling below $38,400 yesterday in the late hours of yesterday.
Meanwhile, Crypto Basic recently reported widespread adoption of Bitcoin, as addresses holding at least 0.1, BTC hit an ATH of 3.3 million.
According to Santiment, Whales Are Accumulating USDT To Buy Bitcoin And Ethereum At Lower Prices. The total value of stable coins at addresses with a balance of 10,000 USDT to 1 million USDT increased by $1.06 billion over the past month. This is an increase of 2.7% of the total Tether supply. In simple words, Top USDT whales have added $1.06 billion USDT increasing their buying power to purchase Bitcoin on dips or when it is cheaper.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
