- Bitcoin has stabilized around $68K, but surging on-chain activity suggests a potential price surge.
- New whale wallets are seeing an influx of $1 billion daily, with $11.8B BTC accumulated in two weeks.
- This trend mirrors mid-2020, which preceded a significant Bitcoin price surge.
Bitcoin has settled around the $68K price level for the past few days after the earlier aggressive bull rally that surged the price to $71K. The premier crypto reawakened bullish optimism in the altcoin market, where tokens like PEPE smashed new all-time highs this week.
However, the market uptrend has lost steam as Bitcoin stabilizes at around $68,000. Market participants are now diving into on-chain data for clues into Bitcoin’s next direction.
In a recent post on X, Ki Young Ju, the founder of the analytics platform CryptoQuant, noted a remarkable resemblance between the current sentiment toward Bitcoin and what unfolded in mid-2020.
According to Young Ju, Bitcoin lingered near the $10,000 level during that period for half a year, accompanied by robust on-chain activity, later identified as Over-The-Counter (OTC) transactions. The on-chain activity under scrutiny involved …
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