- Long-term Bitcoin holders are accumulating more of the cryptocurrency, sparking predictions of a new bull season.
- Analyst Jamie Coutts forecasts Bitcoin’s price to reach $39,000 by the end of 2023 and $92,000 by the end of 2025.
- On-chain activities and daily transaction numbers have significantly increased, indicating growing usage of the Bitcoin network.
In this article, we delve into the growing accumulation of Bitcoin by long-term investors and its implications for the cryptocurrency’s future. We also explore analyst Jamie Coutts’ bullish price predictions for Bitcoin in the coming years and the increasing on-chain activities on the Bitcoin network.
Bitcoin Accumulation Signals Bullish Future
Long-term Bitcoin investors are steadily increasing their holdings of the digital currency, a trend that is fuelling predictions of an impending bull season. This accumulation trend, coupled with other market indicators, suggests that the cryptocurrency market could be on the brink of a significant upswing. While the bull season is believed to have commenced, it is still in its early stages, providing ample opportunities for investors.
Bitcoin Price Predictions: $39,000 by 2023 and $92,000 by 2025
Analyst Jamie Coutts has made some bold price predictions for Bitcoin based on the current market trends. According to Coutts, the end of 2023 could see Bitcoin’s price reaching $39,000. This prediction is further bolstered by the fact that the number of active addresses on the Bitcoin network has surpassed 600,000. Looking further ahead, Coutts forecasts that Bitcoin’s price could hit $92,000 by the end of 2025, indicating a very bullish long-term outlook for the cryptocurrency.
Increasing On-chain Activities and Transactions
Another positive sign for Bitcoin is the significant increase in on-chain activities and daily transactions. According to Coutts, the daily average transaction count, including Ordinals and BRC-20 tokens, has quadrupled compared to the numbers seen in 2021/2022. This surge in transactions is a clear indicator of the growing use of the Bitcoin network, further strengthening the bullish outlook for the cryptocurrency.
Conclusion
In conclusion, the growing accumulation of Bitcoin by long-term holders, coupled with increasing on-chain activities and bullish price predictions, paints a promising picture for the future of Bitcoin. As the cryptocurrency market continues to mature, these trends are expected to further solidify, providing exciting opportunities for both existing and potential investors.
