Analysts say bulls will aim for $48K now that Bitcoin’s ‘accumulation phase’ has begun
Investor sentiment across the cryptocurrency ecosystem has seen a significant shift in the positive direction over the past week, despite events in the wider world. Currently, Bitcoin (BTC) is back above $43,500 and many altcoins are also witnessing double-digit gains.
The ongoing conflict in Ukraine and recent actions taken by governments to limit access to banking services may have helped to shine a light on the value of holding cryptocurrencies which offer some protection against uncontrollable events and what some might perceive as government overreach.
Data from Cointelegraph Markets Pro and TradingView shows that the price of BTC has oscillated between $43,350 and $45,400 on March 2 as the world awaits some form of resolution to the current conflicts.
Here’s what several analysts are saying about the recent price action for BTC and where it could be headed in the weeks ahead.
The sideways price action for Bitcoin has been largely influenced by the fact that the top cryptocurrency “has entered a volume gap” according to crypto analyst and pseudonymous Twitter user ‘Rekt Capital’, who posted the following chart highlighting the lower demand in the current price range.
Rekt Capital said,
Evidence that the price is likely to head higher was provided by Ki Young Ju, CEO of the on-chain analysis firm CryptoQuant. According to Ki, the “BTC accumulation phase” has begun.
According to Ki, “newbies who joined last year are evolving to long-term holders” as the market cap for Bitcoins that are older than 6 months now accounts for 52% of the total market cap of BTC as opposed to 13% at the recent cyclic top.
He said,
A more in-depth analysis of the effect of current events on the cryptocurrency market was offered by David
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