Bitcoin, Is $90,000 Just a Matter of Time?..."Long-Term Holders Are Quietly Accumulating"

▲ Bitcoin (BTC)

Bitcoin (BTC) is preparing for an unstoppable rally towards the $90,000 mark, fueled by strong accumulation from long-term holders. At the same time, this is deepening the supply shortage in the market.

According to crypto media outlet BeInCrypto on April 20 (local time), Bitcoin's price has completed its short-term correction and is now targeting the historical goal of $90,000. On-chain data analysis shows that the intensity of Bitcoin accumulation by long-term holders has reached its highest level in recent months. They are significantly moving exchange holdings to external wallets, thereby reducing the circulating supply. Market experts predict that this supply imbalance will be the decisive trigger for a price surge.

Unspent transaction output (UTXO) data from whale investors and institutions indicates that Bitcoin buying pressure has peaked. Even amidst volatility with Bitcoin's price fluctuating around the $75,000 mark, long-term holders are steadily accumulating. Notably, the number of large wallets holding over 1,000 BTC has surged, firmly supporting the market's downside rigidity. Currently, Bitcoin balances on exchanges have fallen to their lowest levels ever, making a supply shock more likely than ever.

The Market Value to Realized Value (MVRV) indicator also suggests that Bitcoin remains in an undervalued zone. Current indicator readings are very similar to the patterns observed just before past major bull runs. Analysts anticipate that if Bitcoin breaks the $80,000 resistance, it will trace a steep upward curve to $90,000. Technical indicators such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are also uniformly sending buy signals, bolstering bullish sentiment.

The overall sentiment index for the crypto market remains in the 'Greed' phase, but it differs from the frenzied overheating seen in the past. It is characterized by a bull market led by institutions and long-term holders, without significant influx from retail investors yet. This acts as a positive factor, enhancing the sustainability of the price increase. With selling pressure from long-term holders remaining remarkably low, the price has formed a gradually upward trending structure.

Bitcoin has now solidified its status as a store of value, moving beyond a mere asset, and is ready to usher in the $90,000 era. With an absolute shortage of supply coupled with strong accumulation, the market is entering a new price discovery phase. Even amidst macroeconomic uncertainties, Bitcoin's on-chain indicators demonstrate strong upward momentum. Investors are focusing on the movement paths and accumulation patterns of long-term holders rather than being swayed by short-term volatility, awaiting the peak of the rally.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*