Bitcoin whales hold firm as signs suggest bull cycle may continue

Bitcoin’s (CRYPTO:BTC) ongoing bull cycle, which began in late 2022, could still have significant growth potential, according to a recent analysis by Bybit. 

Despite Bitcoin struggling to maintain a price above $60,000, the report suggests that the current cycle, which has already lasted 624 days, may have around 350 days of growth remaining. 

This cycle started when Bitcoin rebounded from a low of $15,800 in November 2022, reaching a peak of $73,000 in March 2024—a fourfold increase.

Although the current gains are more modest compared to previous cycles, which saw returns as high as 553x in the early days, the ongoing accumulation by Bitcoin whales and long-term holders (LTH) indicates confidence in continued price growth. 

The Accumulation Trend Score (ATS) recently hit its maximum value of 1.0, highlighting a strong trend of accumulation among major investors.

Moreover, LTHs have shifted their strategy from selling near market peaks to holding their assets, increasing their Bitcoin holdings by over 374,000 BTC in the past three months. 

This behavior has led to a stabilization and even growth in the percentage of network wealth controlled by these long-term investors, signaling their belief in further price appreciation.

Concerns have arisen over the diminishing returns with each successive bull cycle, as the exponential gains seen in the early days of Bitcoin have reduced significantly. 

However, institutional interest in Bitcoin remains strong, as noted by Juan Pellicer, Senior Researcher at IntoTheBlock. 

This continued interest from large-scale investors suggests that Bitcoin’s value may still have room to grow, despite the challenges of the current market.

The combination of whale accumulation, long-term holder confidence, and institutional interest supports the idea that Bitcoin’s bull cycle is not yet over, with potential for further price increases if favorable market conditions persist.