Recently, crypto analyst Ali has made a significant disclosure, stating that long-term Bitcoin holders have been steadily accumulating their holdings over the course of the last year. Ali tweeted that these holders have added a staggering 1.10 million BTC to their portfolios. It amounts to a whopping $33 billion worth of BTC at the current market value. This significant accumulation by long-term holders indicates a strong belief in the future potential of the world’s leading cryptocurrency.
However, the crypto expert also sounded a note of caution amidst the market excitement. Ali reported that there had been a sudden surge in volatility in the Bitcoin market. Over the past 24 hours, a substantial number of idle Bitcoins have changed hands, coinciding with a substantial 10,000 BTC increase in the supply available on various crypto exchanges.
Analyzing the overall price trend, Ali’s latest tweet suggested that the Bitcoin market might be entering a bull market phase. Drawing comparisons with previous bullish cycles, the analyst believes that the current uptrend is only in its nascent stages.
According to Ali, this indicates the potential for a parabolic uptrend in the future. To assuage concerns among investors, the expert advised adopting a “HODL” strategy, signaling that holding onto BTC for the long term remains a prudent approach despite the increased volatility.
Bitcoin Latest Price Analysis
Bitcoin has surged past the significant milestone of $30,000 for the first time since June 2022, demonstrating an impressive performance in the year 2023. This rally has piqued the curiosity of investors worldwide as they seek to comprehend the driving factors behind this surge and how to approach the current market conditions.
At present, Bitcoin’s price stands at approximately $29,297.40, boasting a formidable market capitalization of $569 billion, with a staggering 24-hour trading volume of $7 billion. The circulating supply of Bitcoin is noted to be 19,442,437 BTC.
According to BTC price predictions, the projected maximum price for the year is estimated to reach $64,732.93, while the minimum price is expected to be $26,645.88 by the end of 2023. Traders can anticipate an average price of $45,689.41 during this period.
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