Traders predict renewed bullish momentum for Bitcoin (CRYPTO: BTC), as long-term holders continue to accumulate.

What Happened: In a series of tweets, crypto chart analyst Ali Martinez highlighted what is currently driving the price of Bitcoin:

• He noted that while most traders got liquidated during the recent drop to $49,000, many long-term holders continued buying. The buyers added more than 184,500 BTC, worth almost $10 billion.
• Martinez also noted that the crypto market is back in an extreme fear zone, which, in his opinion, is a prime opportunity to buy Bitcoin.
• He sees BTC heading to $60,000.

However, another Bitcoin influencer sees Bitcoin retesting the $45,000 support area and believes this to be the key high-time-frame support level for maintaining long-term bullish bias.

Also Read: Bitcoin Could Dip to $40,000 Amid Market Turbulence: 10x Research

Why It Matters: IntoTheBlock data shows large transaction volume decreased by 3% and daily active addresses fell by 1.5%. Exchange netflows skyrocketed 783,141.9% in a single day. Despite significant price volatility, 82% of Bitcoin holders are currently in profit. 5% remain at breakeven.

Binance partner Ted Pillows highlighted that Bitcoin has recently retested the 365-day moving average like it did in 2021. When this happened the last time, BTC prices surged 115% in only four months. The expert remains curious if this will happen again.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Trader Sold 50% Of His Bitcoin Stack, Shares Portfolio Strategy: ‘Only With A Calm Mindset Can You Make It Long-Term In This Space’

Image: Shutterstock