Number of major Bitcoin wallets reaches record levels
Number of major Bitcoin wallets reaches record levels
Despite the fact that Bitcoin (BTC) has been trading in a narrow range lately, showing no growth dynamics due to difficult market conditions, many large investors are increasing their savings in this popular crypto asset.
Data from analytics platform Santiment showed that the number of Bitcoin addresses containing between 1,000 and 10,000 BTC increased by 47 wallets in six days, reaching 1,958 - a 15-month record high. This statistic is direct evidence of investor confidence in the long-term potential of BTC.
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At the same time, Santiment noted a decrease in the number of Bitcoin addresses from 100 to 1,000 BTC. The total number of such wallets on February 1 reached 13,735, which is the lowest since November 2022.
The increase in the number of large holders, combined with other factors, makes it possible to make positive predictions about the further movement of the Bitcoin price, NewsBTC reported.
One such factor is the recent inflow of $1.7 billion into Bitcoin spot ETFs over the past 14 days.
Scott Melker, known as "The Wolf of All Streets," believes the upcoming Bitcoin halving, expected in April 2024, could drive the cryptocurrency's price to $240,000, attributing it to BTC's historical cyclicality.
"I know it may seem like hyperbole to say that Bitcoin will be worth $170,000, $220,000, or even $1 million one day. But if it ain't broke, don't try to fix it. This cycle has worked in the past, and until I see it not working in the future, I'm betting we'll see Bitcoin above $200,000," Melker said.
Popular trader and analyst Michael van de Poppe wrote on his X (Twitter) page that Bitcoin will consolidate in the coming months. The crypto trader noted BTC's push towards resistance at $48,000 to $50,000 and a correction towards $36,000 to $38,000.
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However, crypto expert Justin Bennett pointed to a bearish Bitcoin scenario in the near future, as Tether's dominance chart suggests a further decline in BTC to around $30,000.
At the time of writing, Bitcoin is trading at $42,900, showing an increase of 0.12% in the last 24 hours.
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