Bitcoin has experienced an 80% rally this year, but the price has recently fallen below $30,000. Despite this setback, the cryptocurrency has performed strongly, indicating a positive shift in the market.
Large BTC holders, known as whales, have been aggressively accumulating the cryptocurrency after a month-long dumping spree. On the other hand, smaller investors, or “shrimps,” with less than 1 BTC have also grown their on-chain balances.
This accumulation trend will be crucial in sustaining Bitcoin’s rally. Experts believe that Bitcoin is following a pattern similar to its early 2019 surge and could peak at around $45,000 in May. However, the current drawdown may not follow the exact pattern of previous ones, and the resemblance to the 2018 pattern is striking.
The rise in Bitcoin’s value could be the result of a “hated bullish move,” where holders feel underexposed after a traumatic year.