As the crypto market evolves, it’s evident that most investors are eagerly preparing for future Bitcoin (BTC) bull markets. Over the past 12-18 months, data from Glassnode, a leading market aggregate provider, reveals that Bitcoin investors with more than 1 BTC in their wallets have been actively accumulating additional Bitcoins. In fact, their aggressive buying has resulted in a monthly accumulation rate exceeding 33.4K BTC, leading to a hoard of over 1.33 million units.
Furthermore, institutional investors, spearheaded by MicroStrategy, have also joined the accumulation trend, utilizing a dollar-cost averaging (DCA) strategy during various price dips.
Bitcoin Bulls: In Control but Cautious
According to Captain Faibik (@CryptoFaibik), a renowned crypto analyst on Twitter with an impressive following of over 61k, the Bitcoin bulls currently maintain control of the market. However, he warns that we have not yet emerged from the uncertainty. The price of Bitcoin has surged by nearly 80 percent in the first half of this year.
Despite this remarkable growth, the analyst cautions that a correction could potentially push the leading coin towards the $20k mark. On a more optimistic note, the analyst also highlights that a macro rally is expected to commence before the year concludes.
“I believe Bitcoin may Retest the 20k region in the Upcoming Months (Aug-Sep). Bitcoin Bullrun will Officially Start in November 2023,” Crypto Faibik noted
What Does BTC’s Dominance Tell Us?
The narrative of Bitcoin price dip before the rally continuation is technically supported by the shrinking BTC dominance. Notably, the rise of some altcoins led by Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) has significantly contributed to the retrace of Bitcoin dominance, which stood around 50.9 percent on Monday.
Nonetheless, the Bitcoin market has flexed its dominance time and again amidst bearish sentiment to the surprise of most investors.
