Bitcoin Surpasses $41,000; Bull Run Expected as New Wallets Surge
Bitcoin crosses the $41K mark: Rising Accumulation
With Bitcoin crossing the $41,000 mark, accumulation is on the rise. New addresses are flooding into the Bitcoin network as more and more users expect an impending bull run.
Bitcoin: 1k Wallets Increase Their Share
An investigation of accounts holding 1,000 or more Bitcoin revealed a significant increase in recent weeks. Glassnode’s chart analysis showed a continuous accumulation trend that reached its highest point in over a year. At the time of writing this article, the number of these wallets was over 8.5 million.
The trend line of the chart also suggested a further price increase. In addition, data from IntoTheBlock showed an increase in the BTC volume accumulated by these wallets.
Slight Uptrend in New Bitcoin Addresses
The number of new addresses in the Bitcoin network has also experienced fluctuations in recent weeks. However, according to data from Glassnode, there has been a notable increase in the last 24 hours. The analysis of the figures showed an increase from about 447,000 to around 557,000.
Rise in Holders and Social Dominance
The expansion of new addresses and the increase in wallets holding 1,000 or more Bitcoins indicated remarkable growth in the Bitcoin network. Moreover, the total number of holders has also seen a significant increase in recent weeks.
According to Santiment’s chart analysis, there has been an increase of over 100,000 holders since the beginning of the month. On December 1st, the number of holders was about 50.9 million and has exceeded 51 million at the time of publication.
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Bitcoin Breaks the $41,000 Mark
The analysis of the daily timeframe chart by AMBCrypto provided additional insights into the main drivers behind the positive trends. The chart showed a remarkable uptrend in the Bitcoin price in recent days. At the time of writing this article, it has risen by more than 3.9% and reached a trading value of over $41,000.
Outlook
The current price corridor could trigger more excitement, which will increase the volume in the coming days. If this happens, the bull trend will fully set in as demand rises. However, if no notable volume increase is recorded, a price correction will be observed. This will be due to the oversold nature of Bitcoin, as indicated by its RSI.
Sources: Glassnode, IntoTheBlock, Santiment, TradingView
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