As
Santiment
analytics
disclose
an
accelerating
decline
in
wallets
holding
one
or
more
Bitcoin,
the
cryptocurrency
industry
has
gone
abuzz.

Crucial
for
gauging
mood
in
the
market,
this
indicator
has
been
progressively
dropping
as
traders
become
less
optimistic
that

Bitcoin
may
rise
beyond
its
historic
high
of
$73,750,
which
it
last
touched
on
March
14.
The
general
feeling
in
the
market
is
that
people
don’t
think
Bitcoin
will
reach
a
new
all-time
high
this
year.

 

Related
Reading

Largely
due
to
“fear,
uncertainty,
and
doubt”
(FUD),
smaller
investors
of
the
asset
tend
to
sell
off
their
holdings,
a
pattern
that
is
reminiscent
of
previous
market
cycles.

It
is
interesting
to
note
that
after
a
large
number
of
smaller
buyers
sell
their
Bitcoin,
bigger
holders
usually
start
to
buy
more.
This
could
set
the
stage
for
future
rallies.
At
first
glance,
this
trend
seems
worrying,
but
it
could
be
setting
the
stage
for
the
next
bull
market.

????
Bitcoin’s
amount
of
holders
(any
wallets
with
>0
coins)
have
been
dropping
aggressively
as
traders
still
seem
to
believe
the
March
ATH
was
as
good
as
it’s
going
to
get
in
2024.
When
we
see
mass
liquidations
like
this,
the
probability
of
a
continued
rebound
only
increases.

pic.twitter.com/YTHEFTtfhY

—
Santiment
(@santimentfeed)

July
17,
2024

Bitcoin:
Past
Patterns
Point
To
A
Recovery

Santiment
notes
that
historical
patterns
show
that
big
declines
in
wallet
activity
frequently
precede
notable
price
rebounds.
Long-term
investors
recognize
that
these
times
of
smaller
holdings’
capitulation
typically
provide
ideal
conditions
for
future
price
spikes.

People
who
use
Bitcoin
have
seen
similar
patterns
in
the
past,
where
the
number
of
active
wallets
dropped
a
lot
and
then
prices
recovered
again.
There
are
672,510
fewer
Bitcoin
owners
now
than
there
were
a
month
ago,
data
by
Santiment
show.
This
could
mean
that
the
price
is
about
to
go
up
again.

 

As
of
this
writing,
the
price
of
Bitcoin
is
$64,894,
down
significantly
from
its
most
recent
peaks
but
still
in
a
strong
position
that
gives
investors
optimism.

Expert
Forecasts
Fuel
Hope

Reiterating
his
optimistic
stance
on
Bitcoin,
well-known
proponent
of
the
cryptocurrency
and
CEO
of
Jan3
Samson
Mow
has
added
another
level
of
fascination
to
the
present
state
of
the
market.

Mow,
who
is
well-known
for
his
unwavering
support
of
the
leading
cryptocurrency,
has
set
a
lofty
goal:
he
believes
that
Bitcoin
might
soar
to
$1
million
in
the
coming
year.

The
bull
run
starts
at
$0.1M.

This
is
just
the
unwinding
of
the
fakery
to
make
retail
think

#Bitcoin
is
over.

—
Samson
Mow
(@Excellion)

July
17,
2024

According
to
him,
if
Bitcoin
reaches
$100,000,
it
will
spark
off
a
bull
run
that
would
take
the
cryptocurrency
to
previously
unheard-of
heights.

 

Related
Reading

At
the
same
time,

MicroStrategy,
the
company
with
the
most
bitcoins,
is
also
feeling
upbeat.
“Bitcoin
to
the
Moon,”
the
most
recent
comment
on
X
of
its
co-founder
and
executive
chairman,
Michael
Saylor,
supported
Mow’s
positive
outlook
and
gave
institutional
investors
more
reason
to
be
hopeful.

Bernstein
experts,
for
their
part,
have
raised
their
estimates
for
Bitcoin’s
price.
They
now
think
it
could
reach
$200,000
by
2025
and
even
$1
million
by
2033.

They
say
this
is
because
of
the
rise
in
demand
for
spot

Bitcoin
ETFs
and
the
recent
halving
of
the
block
reward,
which
reduces
the
number
of
new
Bitcoins
coming
onto
the
market.

Featured
image
from
Shutterstock,
chart
from
TradingView

Go to Source
Author: Christian Encila

Recommended Crypto Services, Products and Strategies: