The cryptocurrency bear market is over, and the majority of retail investors missed the accumulation phase while agnostic traders and long-term investors dominated the market, according to a report from digital assets fund Adamant Capital.
Per the report, the Bitcoin accumulation phase occurred between the price corridor of $3,000 and $6,500, indicating that this phase is now over and we are well into the bull market territory.
Big Players Have Already Accumulated
The report’s researchers say that Bitcoin whales were accumulating quietly as retail traders left the market throughout 2018 and the beginning of 2019.
Further explaining, the report says:
“During the accumulation phase, the market will trade in a range: the weak hands, who are trying to get out of the market, take profit during rallies and thus create the resistance, and the strong hands, looking to accumulate, buy at the bottom of the range which eventually creates a floor in the piece.”
Now, it’s obvious that the market is no longer trading in a range because large Bitcoin whales have stopped taking profits and pushing the price down. It appears that they are now holding on to the majority of their Bitcoin stacks and further reducing the circulating supply.
This, along with increased interest from both retail and institutional investors has pushed the price higher and higher.
Do you think the Bitcoin whales will suppress the price to accumulate more or are we only going up from here? Let us know what you think in the comment section below.