The fact that Bitcoin has been trading sideways shows how much demand there is for Bitcoin at these prices. Otherwise shorts and liquidations would have driven it much lower. Sell pressure is drying up slowly, and in the meantime long term holders are accumulating from paper hands
For example, this address (https://bitinfocharts.com/bitcoin/address/1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ). It currently has over 100K BTC and you can see they have been accumulating coins for the past 2 months. There is also on chain data that suggests the same, that long term holders are accumulating at the same time short term holders are selling.
It’s likely we will trade sideways for the next 1-4 months. But this is honestly a great time to accumulate. Btc price is already pretty low and the risk reward suggests it’s not worth risking a 4x over 20-30% price difference.
View Reddit by JeffGDoubleE69 – View Source
The post We are in the accumulation phase appeared first on Crypto new media.