Bitcoin Purchases Just Soared Into Millions Again, Is It Time To Go Back?
Recent on-chain data shows a significant increase in Bitcoin flows to certain wallets, suggesting renewed accumulation. Despite facing months of bearish pressure and great salessome investors seem to be using the ongoing market decline as an opportunity to strengthen their positions. With the recent ramp-up, the question remains whether it is possible now time to go back to the market.
Bitcoin Accumulation Rises Amid Price Decline
The price of Bitcoin has been grinding down in recent trading sessions, skidding below $64,000. The world’s largest cryptocurrency failed to hold many support levels, with each leg falling further suppressing any pressure felt.
Related Reading: Expert Trader Who Correctly Predicted Bitcoin’s Top Just Shared Chart Pointing Below $4,000
Yet underneath these price drops and market transactions, some owners are quietly hoarding BTC. On-chain data from Glassnode revealed that in the past three weeks, the so-called ‘old supply,’ which refers to wallets holding BTC that have been sitting for at least six months, has increased by 188,000 BTC. This huge amount of coins is worth more than $12.75 billion.
Notably, the latter the rise of BTC accumulation among old offers shows that many seasoned investors prefer to sit and hold their coins rather than sell on weakness, as many store associates have been doing. Renewed accumulation also comes as the whales continue take out Big BTC release, with Whale Alert recently reporting recent outflows of more than $266 million from trading.
Adding more fuel to the ongoing accumulation trend, Spot Bitcoin ETFs have recorded significant inflows. Data from SoSoValue exhibitions that Bitcoin ETFs attracted a combined inflow of 1.02 billion between February 24 and 26. This increase in demand indicates that investors are now entering the market, potentially positioning for a potential multiple.
BTC Sell-Offs Show Signs of Fatigue
Prominent Bitcoin analyst Willy Woo has shared relatively good news, which casts a sobering outlook for the BTC price. In a recent X post, Woo suggested that the market may be entering a long period of weakness before there can be any meaningful recovery. The bearish view comes as the analyst acknowledged that the latest wave of selling pressure from investors appears to have ended, potentially giving Bitcoin more room to rally sideways for about a month.
With the decline in bearish sales, Woo predicts Bitcoin may start to rally briefly return to the mid-$70,000 range. However, he warned that such a recovery could be rejected. The analyst pointed to the collapse of market capitalization in all futures and futures markets as the main reason for this rejection. He said he had never seen a Bitcoin rally where both sources of liquidity slowed down at the same time.
Looking ahead, Woo indicated that Bitcoin’s current trend could continue for up to a year, with a potential reversal expected to come sometime in Q4 2026. Next, he suggested that The highest amount of BTC it may also return in Q1 or Q2 of 2027.
On the question of how much current prices could fall, Woo estimated that a fall to $45,000 could mark the bottom of BTC’s bear market. He also said that if the global macro collapses, $30,000 could be a support level to fall back on, with $16,000 highlighted as the last line of defense to maintain Bitcoin’s bull trend.
Featured image from Pixabay, chart from Tradingview.com
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