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Bitcoin Is In An Accumulation Phase, New Data Reveals

There are all kinds of optimistic predictions about the price of Bitcoin and digital assets, despite the latest massive volatility that we have been seeing in the crypto space. The mass crypto adoption continues these days, and there are all kinds of moves that are taking place in the crypto space that support this claim.

Bitcoin is in an accumulation phase

According to the latest reports, the long-term investors in Bitcoin continue to add the king coin to their stashes, even amidst the price decline, according to the latest data.

More than that, some models are suggesting the fact that BTC could be undervalued at the current price range of $20,000-$21,000.

The Puell Multiple which is a tool that measures one-year revenue growth among bitcoin miners, shows the fact that there’s buying interest among investors.

CoinDesk notes that a reading of 0.5 places BTC in a so-called green zone for people who are looking to build long-term exposure to the coin. This is what CryptoQuant analysts told CoinDesk, according to the prestigious online publication.

The same analysts warned those interested that a price bottom is probably “still far” from being formed, citing fundamental concerns.

“The macro environment is not supporting the bitcoin price as USA economic data is still coming worst than expected,” they said.

The analysts continued and revealed the following: “Economic activity is decelerating faster than expected.”

The same publication notes the fact that the U.S. Federal Reserve will probably keep raising interest rates aggressively.

There are some officials who said that it is “unrealistic to expect easing anytime soon” – a sentiment that has added to concerns among investors.

Other that this, the crypto market continues to try its best to recover following the recent price losses that the digital assets have been seeing. Stay tuned for more reports from the crypto space.

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