Bitcoin Records 5 Green Months Amid Accumulation Wave Hitting a 3-Year High

10.02.2024 / Payment system news

As Bitcoin (BTC) edges closer to the psychological price of $50,000 thanks to heightened bullish momentum, the leading cryptocurrency has been in the green for a couple of months.

Bitcoin looks set to close this month on a high, having been in the green for five months, from September 2023 to January this year.

Source: Bitcoin Archive

Since the fear, uncertainty & doubt (FUD) that had engulfed the Bitcoin market based on the approval of a spot BTC exchange-traded fund (ETF) has faded, the top crypto is back to winning ways.

BTC found itself on the receiving end last month after slipping below the $40,000 zone as the ETF approval emerged to be a sell-the-news event. Nevertheless, this narrative has been invalidated thanks to Bitcoin’s bullish momentum.

Bitcoin was up by 9.9% in the past week to hit $47,297 at press time, according to CoinGecko data.

Bitcoin’s Accumulation Rate Goes Through the Roof

Taking on X, formerly Twitter, Ali Martinez highlighted that Bitcoin witnessed heightened accumulation from large players.

The leading market analyst noted, “Bitcoin is witnessing one of its most significant accumulation streaks in almost 3 years! Notably, the Accumulation Trend Score has hovered near 1 for the past 4 months, signaling that larger entities are accumulating BTC. This trend indicates strong confidence in the market.”

Source: Ali Martinez

Therefore, this analysis suggests that Bitcoin is witnessing a major growth trend from institutional investors, which is bullish in the long term.

Martinez also pointed out a buy-the-dip opportunity was popping up in the BTC market based on the MVRV Ratio, which fell below its 90-day average.

Source: Ali Martinez

Meanwhile, top analyst Michael van de Poppe recently stipulated that Bitcoin was eyeing a pre-halving breakout that could surge to the zone between $53,000 and $55,000, as reported by ZyCrypto.