As the price drops…the number of bitcoin holders is at an all-time high
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Answer As the price drops…the number of bitcoin holders is at an all-time high
According to blockchain transaction analysis platform Glassnode, the number of bitcoin holders holding between 0.1 and 10 BTC has surpassed the historical value and reached new highs.
The number of wallets holding more than 0.1 BTC has reached 4.07 million addresses, while the number of wallets with a balance of more than 1 BTC but less than 10 BTC has reached 952,754 addresses.
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As for the price of Bitcoin, the famous Bitcoin analyst Willie Wu believes that the bottom of Bitcoin is near.
Willie bases his remarks on the “Max Pain” model according to which the Bitcoin price reaches the bottom of the cycle when 58%-61% of all coins are under the buy price, i.e. at a loss.
Bitcoin (BTC) price action at the moment (at the time of publication) is almost flat at the $16,000-$16,500 level.
After the price drop as a result of the FTX crisis, Bitcoin is once again a volatile and volatile asset, as it was for several weeks prior to this unfortunate event.
The Bitcoin Dominance Index also fell to 38%, which is kind of a bottoming area as well.
On the positive side, we can notice that Bitcoin is holding this area from $15,500 to $16,500 and is not inclined to drop below, say, $12,000, as many analysts see it as the next major bottom of the current decline.
Perhaps in the near future we will be able to see Bitcoin price reach at least $18,600, as strong price resistance starts there.
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