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You are here: Home / News / Bitcoin News / Will Bitcoin’s Powerful Re-accumulation Help Crack $30K?
Will Bitcoin's Powerful Re-accumulation Help Crack $30K?

Will Bitcoin’s Powerful Re-accumulation Help Crack $30K?

December 27, 2020 by Chayanika Deka

After a fresh rally right after a Christmas-pullback, Bitcoin continued registering new all-time highs and was now nearing $30,000. Thanks to the latest re-accumulation phase, the ongoing bullish momentum has managed to drive the world’s largest cryptocurrency to new highs every week.

Bitcoin’s Retail Crowd Makes A Comeback?

On a similar note, popular Statistician and On-chain analyst, Willy Woo, pointed out that inventory depletion on spot exchanges had halted which was indicative that a “re-accumulation phase” of this macrocycle was likely to complete.

This can be noted in the Spot inventory data provided by the crypto-analytic platform, Glassnode attached below. He further noted, that if the present cycle mimics the last, then inventory on cryptocurrency exchanges would increase here on in as retail starts entering in large numbers, attracted by the price appreciation.

1 4

Woo further went on to explain that unlike big institutional players, the retail investor tends to store more of their coins on exchanges which accounts for the inventory climb later in the cycle. He further noted,

“This re-accumulation phase was 2x more powerful than the last cycle. It took 2x longer to complete and the depletion was 2x deeper. Very bullish.”

In addition, the entry of retail could also boost the altcoin party to finally catch up to the bullish movement similar to the 2017 scenario during which several coins including some lesser-known tokens went on to post massive rallies and subsequent ATHs.

In fact, Co-founder and CEO of Blockstream, Adam Back, also opined that the retail investors have finally gotten aboard and pushed the coin’s price even higher this time in addition to the institutional crowd. Back further commented,

“That’s the sound of retail front-running institutions. It takes weeks-months for institutional to get into a new asset class. They need approvals, accounting, and corp tax planning advice, maybe board and/or shareholder approval. Public market companies worse. Hedge funds easier.”

So $25k* on 25th, three new ATHs $24.7, $24.8 and $25k in a day. You think institutions did that? On Christmas day? Retail did it – only people near a keyboard.

(*$25k if you pick @bitstamp or @krakenfx tho not quite on @bitfinex) pic.twitter.com/6PmiEcdn7v

— Adam Back (@adam3us) December 26, 2020

It is also important to note that the significant appreciation in Bitcoin’s price during Christmas can be mainly attributed to the retail traders since traditional markets remained closed. With this for the time ever, the combined value of all the Bitcoin tokens in circulation has surpassed half a trillion USD i.e., $500 billion.

Despite healthy corrections, Bitcoin could act as a potential inflation hedge as noted by many industry experts in the coming years.

Filed Under: Bitcoin News Tagged With: Willy Woo

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