Bitcoin is currently exhibiting an accumulation pattern reminiscent of previous pre-rally phases, according to on-chain data from CryptoQuant. Notably, short-term holder (STH) activity is on the rise—a trend that has historically preceded significant price movements.
In past instances, such as January and October 2024, sharp increases in STH activity occurred just before Bitcoin entered substantial uptrends. This pattern suggests that the current market behavior may be setting the stage for another significant price surge.
As of now, Bitcoin is trading at approximately $96,969, reflecting a 2.12% increase from the previous close. The intraday high has reached $97,360, while the low stands at $94,879.
If this trend continues, Bitcoin may be on track to break above $100,000 and enter a strong upward phase.
Note: Always conduct your own research and consider market volatility before making investment decisions.
