The number of Bitcoin wallets has reached an all-time high! What's next for BTC?
Bitcoin is trading above $58,000 after a slight gain, but it still cannot reach $60,000. At this time, the number of Bitcoin addresses also reached an all-time high of 40 million addresses.
Bitcoin is trading above $58,000 at the time of writing after rising 2.5 percent in the last 24 hours. BTC 60.000 has been trading at horizontal levels for several days despite trying to break through the resistance in the dollar. However, despite the slow acceleration, BTC holders are now more confident than ever.
According to new data obtained, the number of Bitcoin addresses has reached an all-time high. These data show that the owners are more convinced than ever that BTC is ready for a major exit.
As of November 24, wallets with a non-zero balance had reached 39.4 million. The data from OKLink comes to the conclusion that this number has been steadily increasing since 2019. The rise of the wallet took place despite the price drop.
In January 2019, the price of Bitcoin was $ 4,000, and the number of wallets was 22 million. Bitcoin has maintained its steady wallet rise even when it fell by half its value in March last year.
What's next for Bitcoin? What do analysts say?
Bitcoin fell 2.9 percent last week and started the week above $59,500. At that time, it was traded above this price in some periods, as the chart below shows.
Pankaj Balani, CEO of Delta Exchange, thinks that BTC will be trading in a narrow December for now, as it was last week. However, he still does not believe that the BTC price will fall below $ 53,000.
Pankaj Balani told Forbes that:
We think the market will remain limited in the short term. BTC has failed above $60,000 several times. It will take some time for it to rise above this level, it will also act as strong support with the market cap of 1TN 53,000 to 54,000.
Other analysts stressed the importance of the volume-weighted average pricing model. This pattern shows that the “correct” price for Bitcoin is around $53,000. Most analysts believe this price is an important support for BTC.
The $53,000 significance for BTC is also a significant price to keep its market cap above $1 trillion.
Jake Wujastyk, a market analyst at trading software firm TrendSpider, commented:
I agree that every time the dollar-cost average price is tested, there may be an area where the price can bounce, as the average participant returns to the breakeven point and dries up supply in the market.