The Bitcoin market has been going through a significant stress test for a long time. While cryptocurrencies severely reflect the effects of the bear market throughout 2022, the latest data pointed to an increase in the demand of small and medium-sized investors for Bitcoin. According to Glassnode data, the number of Bitcoin holders has reached record levels. The number of investors holding assets between 0.1 and 10 Bitcoin has reached a new high, surpassing its all-time high.
According to Glassnode data, the number of wallets holding more than 0.1 BTC has reached 4.07 million. According to the statement, small investors have received 96,200 BTC since the FTX collapse. Holders of assets with more than 1 BTC have accumulated close to 192 thousand BTC in the last month, reaching 952.754, albeit in a lower amount. While this data reflects the long-term plans of investors, it shows that the tendency to accumulate in anticipation of bullish increases while Bitcoin is at its lowest levels in the last two years.
Market participants, evaluating the current market conditions and the latest data, are currently offering mixed comments. While the participants who are more optimistic about the Bitcoin price predict that the current levels may be the bottom regions, it is thought that the Bitcoin price can be withdrawn by 12,000 – 13,000 dollars in the more pessimistic comments. Among these comments, JPMorgan said that BTC could fall as low as $13,000 based on the cost of production, in its forecast it recently presented. Last week, Pantera Capital, the largest crypto hedge fund in the market, also made a prediction about the price of Bitcoin. Company officials based their prediction on the Bitcoin halving event in the report it presented. According to the forecast, BTC could rise as high as $ 36,000 by the halving in April 2024 and start a new rally towards $ 149,000 after the halving.