Bitcoin analysts expect a price surge as recent data shows accumulation phase. This could help Bitcoin’s price rise above $66,000 by September. According to popular analyst On-Chain College, Bitcoin’s long-term investor accumulation rate reached a 15-month high. College announced in an August 15 X post that investors are returning to accumulation.
Interest in Bitcoin Continues
Glassnode’s August 15 X post indicates Bitcoin investors have returned to accumulation in the past month. The post stated:
“The Accumulation Trend Score shows the market has returned to accumulation, reaching the maximum value of 1.0, indicating significant accumulation in the past month.”
The Accumulation Trend Score (ATS) is a heatmap used to analyze market behavior based on different Bitcoin holder groups. Additionally, CryptoQuant writer Axel Adler noted in an August 16 X post that 25% of the total Bitcoin supply was purchased in the $58,000 – $73,000 price range:
“25% of the total available Bitcoin supply was purchased at the $73,000 – $58,000 price level. This represents a quarter of the total Bitcoin market value, approximately $300 billion.”
Notable Statements
Despite ongoing accumulation, Bitcoin fell below $58,000 on August 16 after losing 4.2% last week. However, according to technical analyst Titan, Bitcoin could be heading towards $66,000 by September based on historical chart patterns post-halving events. The analyst wrote in an August 15 X post:
“Historically, the 4th month after the halving event has always ended with a rise for Bitcoin, closing above the halving price. If this pattern repeats, September could be a bullish month above $66,000.”
However, according to popular analyst Rekt Capital, Bitcoin’s price first needs to surpass a significant resistance at around $61,700. The analyst wrote in an August 14 X post:
“Notice how the $61,700 (black) local peaks have acted as resistance. Interestingly, Bitcoin is consolidating between the wedge peaks from late June, which are again acting as resistance, and the wedge peaks from early July are now acting as support.”
The next significant resistance has now dropped to $59,000. According to Coinglass data, a potential upward move will lead to the liquidation of leveraged short positions worth over $700 million. If Bitcoin’s price rises above $59,300, short Bitcoin liquidations could exceed $1 billion.
