Bitcoin Bull Run Initiated by Whales in 2020 Resurfaces – Can We Expect a Repeat?

According to on-chain data in Bitcoin, the selling pressure on the price has decreased, and long-term investors have begun to accumulate BTC once again since December 2023. Market analysts see this as a bullish signal, and CryptoQuant CEO Ki Young Ju also made a bullish comment. Ju notes that there is a striking resemblance between the current Bitcoin market activity and the activities in 2020. Despite low price volatility, on-chain activity remains high. The CEO highlights that new whale wallets are making $1 billion worth of purchases daily, indicating that whales are accumulating.

Ju emphasizes that the current market dynamics in Bitcoin closely resemble those of 2020, suggesting that the ongoing trends are reminiscent of the previous bull run. In 2020, due to the accumulation phase and high activity, BTC reached $29,000 by the end of 2020 and hit an all-time high of $69,000 in November 2021.

The parallels in the current Bitcoin sentiment to that of mid-2020 are striking. During that time, BTC was around $10k for six months with high on-chain activity, later revealed to be over-the-counter deals. Despite low price volatility now, on-chain activity remains high, with $1 billion being added daily to new whale wallets, likely for custody.

Ki Young Ju’s tweet further echoes the similarities between the current market and the situation in mid-2020. This historical data points to a promising outlook for Bitcoin. For more exclusive news, analytics, and on-chain data, follow our Telegram and Twitter accounts. Source: [CryptoQuant CEO: The Whales that Started the 2020 Bull in Bitcoin are Moving Again – Will History Repeat?]( *This is not investment advice.

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