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- Bitcoin has entered the stage of full accumulation and investors are ready to go all-in.
- On-chain data indicators such as Puell Multiple and Market Value to Realized Value are some of the positive factors for asset bulls.
- The assets have shaken off large dumps by Tesla and are trading comfortably in excess of $ 20,000.
Bitcoin enjoys a small bounce, but experts claim even more significant gains for the most prominent cryptocurrency.
According to on-chain data, BTC is definitely in the accumulation stage as the bulls are overjoyed and rubbing their hands. Indicators such as market value and realized value (MVRV) and long-term moving average crossovers are positive signals of future rises in this asset class.
The main signal of undervaluation is the Puell Multiple, a metric that tracks the number of BTC sold by miners in relation to the fair valuation of assets. In the middle of the month, the Puell Multiple fell below 0.5, effectively entering the “green zone.” This trend has often presaged several BTC rallies in the past, including the start of the final bull market in 2020.
Blockware Intelligence commented, “Getting into the green zone is a good time to average.” At the same time, CryptoQuant’s Julio Moreno confirmed that the indicator has “reached an area consistent with past market bottoms.”
It was previously reported that miners were surrendering and selling large numbers of Bitcoins to offset production costs. Minor seems to have been blamed for the market genocide as prices fell to his $ 18,000.
Whales amid falling prices took the opportunity Add to their position. However, the number of entities with BTC less than 1 is steadily increasing. According to Glassnode data, this number is a record high, with most of the accumulation occurring in the last 90 days.
Survive the sale of Tesla
After Tesla announced it sent shivers down the spines of Bitcoin enthusiasts, sold Up to 75% of that BTC. In its earnings report, the carmaker suggested that the books be organized at the end of the second quarter.
Despite the $900 million liquidation, Bitcoin hit a seven-day high of $24,196, posting double-digit gains for the week. BTC has a market cap of $468 billion, which is far from the $1 trillion high, but its market cap is above 41.6% of the rest.
Other altcoins were also recorded Impressive profit alongside Bitcoin. ETH, SOL, XRP, and ADA were some of the lottery’s biggest winners as whale activity began to gain momentum.