New Bitcoin Whale: How Much BTC is in the Wallet? - Latest cryptocurrency news

New Bitcoin Whale: How Much BTC is in the Wallet?

Bitcoin has experienced a significant price increase in the past few weeks, surpassing the $40,000 level and reaching the highest price level since April 2022. The rising demand from US investors supports this increase and is evidenced by positive data from the Coinbase premium. Data suggests that the next target level for Bitcoin could be above $50,000.

Taking into account the Bitcoin network activity and the current price of $44,000, the latest on-chain data provided by CryptoQuant indicates a potential target between $50,000 and $53,000. In the long term, the Bitcoin Bull-Bear Market Cycle Indicator from the on-chain data company points to a bull market, indicating an ascending market.

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The positive outlook is strengthened by the fact that there hasn’t been a liquidity inflow from individual investors yet and that the amount of BTC held in wallets for more than a year has reached record levels. This suggests that Bitcoin’s price movement could follow a positive trajectory in the near future. Especially, CryptoQuant’s latest analysis, according to the evaluation perspective derived from network activity, reveals that Bitcoin could target the range of $50,000 to $53,000.

At the core of Bitcoin’s potential price target is the Red Metcalfe Price Evaluation Band, which evaluates Bitcoin’s price based on user activity and, in particular, active wallet addresses. This band has also functioned as a strong resistance level for Bitcoin in April and November 2021, as well as April 2022, creating pressure on the price.

Considering the increasing funding rates and that 86% of the circulating supply is currently profitable, the possibility of a short-term correction persists. Historically, these levels often coincide with levels seen at local peaks. While the short-term outlook suggests that investors should be cautious and alert under current conditions, the long-term perspective is noteworthy for the bullish signal emanating from the Bitcoin Bull-Bear Market Cycle Indicator.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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