Bitcoin Envisages Similar Accumulation Pattern as Its Value Surpasses $96K

CryptoQuant's analysis reveals a promising trend in the behavior of short-term holders (STHs) of Bitcoin, as they have been increasing in recent weeks, mirroring the pattern observed before the significant rallies in 2024. In the past, the increased activity of STHs has typically preceded major price surges, suggesting the potential onset of another bullish phase.

After dropping below $74,000 on April 7 and 9, Bitcoin's value surged by over $20,000 to reach $96,000 on the following Friday. Despite fluctuations, the cryptocurrency has maintained its value above $93,000, even peaking at $96,500 recently, marking the highest price since February 23.

This rise is credited not only to STHs but also to whale and institutional accumulation.