Following the Bitcoin (BTC) price collapse on April 16, holders dramatically increased their activity, buying more than 27,000 BTC worth more than $1.7 billion.
According to CryptoQuant, more than 27,700 BTC worth $1.75 billion at current prices moved into accumulation addresses between April 16 and April 17, setting a new daily record for Bitcoin.
The previous record was set on March 23, when Bitcoin 'HODLers' bought up 25,500 BTC, according to Cointelegraph.
The data suggests that long-term BTC holders remain optimistic about the future price movement of the largest capitalization cryptocurrency.
Importantly, the accumulations took place on Bitcoin wallets with a balance of more than 10 BTC, not owned by miners, from which no withdrawals have been recorded since their creation.
It is worth noting that the drop in Bitcoin price below $60,000 on April 19 is also likely to increase the activity of Bitcoin miners.
The cryptocurrency market has recently shown high volatility in anticipation of a halving and escalation of the geopolitical conflict in the Middle East, as well as uncertainty in the policies of global central banks.
At the same time, a number of crypto analysts believe that time is running out for investors to buy Bitcoin at low prices ahead of the post-halving rally.
Prominent crypto investor and analyst Rekt Capital said on its X page that bitcoin's price action is now completely copying the dynamics of BTC and previous halving cycles in 2016 and 2020.
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"This halving pullback represents the last lucrative buying opportunity for BTC," the analyst wrote.
He stressed that Bitcoin could enter a "re-accumulation phase" after the halving, which is expected on April 20.
"This re-accumulation range forms a few weeks before the halving and culminates in a breakout from it a few weeks after the halving," Rekt Capital said.
"Once Bitcoin breaks out of the re-accumulation range, it transitions into a parabolic uptrend," the crypto investor reported.
Anthony Scaramucci, founder of SkyBridge Capital, predicts that the price of BTC will reach $200,000 by the end of the year, despite the current volatility.
He believes that the use of Bitcoins is still in its infancy and will expand significantly in the future.
At the time of writing, BTC is trading at $62,103, showing an increase of 1.55% in the last 24 hours.
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