Bitcoin's price has surged over 12% recently, buoyed by market optimism and strong indicators of sustained demand among investors, reflecting renewed confidence in the cryptocurrency.
The weekly report from CryptoQuant indicated a clear demand for 177,000 Bitcoins, hinting that historical patterns of rising demand can lead to significant bullish price movements.
A notable factor in this optimism is the behavior of whales, with large investors accumulating Bitcoin and their total holdings surpassing 670,000, reinforcing confidence in price increases.
Historically, Bitcoin's performance tends to be strong in the fourth quarter, particularly in halving years, suggesting favorable conditions for future price growth based on previous trends.
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