CandleFocus This Has to Happen for Bitcoin to Soar Past $58K: Santiment
2024-09-12
Author: Content Editor
Bitcoin has undergone an 11% market correction in the past two weeks and continues to experience volatility. However, on-chain data from Santiment shows that wallets holding less than 1 BTC are aggressively accumulating the cryptocurrency. These wallets have increased their supply distribution to 7.22%, the highest since February 7th. Santiment suggests that if wallets with 1-100 BTC continue to grow and those with more than 100 BTC also accumulate aggressively, the price of Bitcoin could surge back to its all-time high of $73,700. Bitcoin and other assets have seen more outflows than inflows recently, but the Japanese investment company Metaplanet has increased its Bitcoin stash by 38.464 BTC. Proponents believe that Bitcoin will see significant price increases in the long term, with MicroStrategy's co-founder predicting a price of $13 million in the next two decades.
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