Number of Bitcoin Holders at All-time High as Bottom Draws Near: Details

Nov 28,2022
Number of Bitcoin Holders at All-time High as Bottom Draws Near: Details

According to the data information of the online analysis portal Glassnode, the number of bitcoin holders with a position cost between 0.1 and 10 exceeds the historical value, reaching a new height. As a result, the number of wallets with more than 0.1 BTC has reached 4.07 million, while the number of account balances with more than 1 but less than 10 BTC has reached 952754.

In addition, Willy Woo, a famous Bitcoin investment analyst, emphasized that the bottom of the key cryptocurrency market was close to the end. Woo's explanation is based on Max Pain's physical model. According to the physical model, when 58% - 61% of tokens are in the water, BTC prices reach the bottom of the cycle time, that is, they buy at a loss.

Bitcoin (BTC) price behavior

At this stage, the transaction price of Bitcoin is $16500, although you can say that the transaction has been suspended. After the fall of Bitcoin caused by the FTX dilemma, Bitcoin has once again become a property with less uncertainty, just like many weeks before this tragic event. The dominant index value of is also down to 39.82%, which is also a bottom area.

On the positive side, we can notice that Bitcoin remains in the range of $15500 to $16500, and it is not easy to drop to $12000, which is also seen by many empty participants in the encryption market. Perhaps in the near future, we will see that the price of BTC can reach at least 18,600 dollars, where strong price friction begins.