- The number of addresses holding more than 10 BTC has reached a three-year high.
- The increasing accumulation suggests that the BTC price could potentially reach $40,000 ahead of the halving.
- Developments such as Grayscale, potential ETF approvals, and EDX Markets could support the rise.
Historical data is widely used by investors to measure BTC price performance and predict its next move. Some metrics yield infallible results. For instance, we saw significant losses in BTC price following a dip in volatility last month. The upward resistances were strong, leading to increased volatility with sales.
Historical Data and Models for Bitcoin
There are numerous historical models followed for BTC. These models, formed around significant events like Halving, help us understand where the price is in relation to the past based on the elapsed time and current level. For example, we might say that BTC is currently lingering in the dip range before a major rally, or according to historical models, the price could form a local peak to make a deeper dip. We can articulate all these as flexible predictions in 4-year cycles with a 3-6 month range.
Could Bitcoin Reach $40,000?
According to Glassnode data, the number of addresses with more than 10 BTC shows an increasing flexibility in growth potential. The data shows that the number of addresses holding more than 10 Bitcoin is currently at a three-year high of 157,352 and has recorded steady growth since January 2023.
When we consider all the positive developments like BlackRock, Grayscale, other Bitcoin ETFs, EDX Markets, the 21st Century Compliance Act, and more, the current situation may not be so bad. With the latest delay, the US Securities and Exchange Commission (SEC) postponed the next decision date for companies like BlackRock, Invesco, Bitwise, and WisdomTree to mid-October 2023. The final decision dates are in mid-March.
Conclusion
On the other hand, experts predict a significant increase in the BTC price until the Bitcoin Halving event planned to be held at the 840,000th block in April or May 2024. In conclusion, Glassnode data and the flow of good news in the crypto-specific macro excluding tell us that $40,000 may not be a difficult possibility in the medium term.
