Analyst explains why Bitcoin price may continue to rise with $40,000 the next immediate target.
The number of blockchain addresses holding at least $1,000 worth of Bitcoin (B T c), equivalent to 0.028 BTC at the current price of $35,115, has hit an all-time high of 8 million, according to data from Blockware Solutions and Glassnode.
According to Blockware, this figure could continue to increase as Bitcoin continues to grow in monetization, which is a favorable long-term trend for the cryptocurrency. Theoretically, monetization involves generating income potential from an asset that does not traditionally generate revenue.
Blockware Solutions states E-mail,
“If there are tens or hundreds of millions of addresses that hold thousands of dollars worth of BTC, this represents a substantial purchasing power.”
This record milestone coincides with Bitcoin’s recent gain of 25% in four weeks, driven by speculation about the possible approval of spot Bitcoin exchange-traded funds by the US Securities and Exchange Commission.seconds, The positive outlook has also increased whale activity on the Bitcoin blockchain.
Interestingly, the data shows that there was a huge surge in new Bitcoin addresses over the past weekend. Popular crypto analyst Ali Martinez noted that over 700,000 new BTC addresses were generated in a single day, which is a significant achievement. This strong growth in the BTC network is one of the most reliable indicators for predicting price trends.
#bitcoin , over 700,000 new #B T c The addresses were created just yesterday. This is an important milestone, as #B T c Network growth is the best value predictor! pic.twitter.com/BYQsh2l4OI
– Ali (@ali_charts) 5 November 2023
bitcoin price prediction
Over the past week, Bitcoin price has seen some consolidation around the $35,000 level over the past week, while altcoins have been showing strength during this time. In a recent YouTube video update, Credible Crypto emphasized that the logical next target is to surpass $35,000.
Reliable Crypto’s Elliott Wave analysis identifies three key levels to watch: $34,314, $34,714, and $35,119, which represent the lower range, midrange point, and upper range, respectively.
With Bitcoin displaying positive short-term momentum, Credible Crypto suggests the possibility of further price increases until it reaches the psychologically important threshold of $40,000. Should this milestone be reached, as the analyst has indicated, it could open the door to a new all-time high (ATH).
On major updates $BTC,
Quick 6 minute video on an interesting/important development.
We may be on the verge of something big.
Clear areas of interest/invalidation were discussed.
Like/Share appreciated. enjoy! https://t.co/5vDZiu9jj7 pic.twitter.com/PC8tvfSdRL
– Credible Crypto (@CredibleCrypto) 4 November 2023
The cryptocurrency community is buzzing with excitement about the prospect of Bitcoin spot ETF products. There is growing hope that the US SEC will grant approval for these products, attracting interest from institutional investors. The involvement of major players like BlackRock has raised hopes of approval.
Although the exact timing for approval is still uncertain, many industry experts expect it to happen in the coming year. However, Galaxy Digital CEO mike novogratz Remains optimistic and believes that approval can be obtained by the end of this year.
Furthermore, the cryptocurrency community eagerly anticipates the future of Bitcoin as bullish sentiment and expectations for ETF approval grow.
Bhushan is a fintech enthusiast and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in a constant process of learning and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads adventure fantasy novels and occasionally explores his culinary skills.
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