Is BTC about to reach the milestone of $40,000? Why is this?

Kahn332

he number of addresses holding 10 or more BTC has reached a new high in the past three years. The increasing accumulation suggests that the BTC price could reach $40,000 before the halving.

Investors widely use historical data to assess Bitcoin's price performance and predict its next move. Some indicators produce reliable results. For example, last month, after a decrease in volatility, we saw a significant drop in the Bitcoin price. Strong upward resistance led to intensified selling volatility.

Bitcoin's Historical Data and Models
Bitcoin has many historical models to follow. These models are formed around significant events like halving and can help us understand the price's relationship with the past based on past timing and current levels. For example, we might say that BTC is currently hovering in a downward range before a significant uptrend, or based on historical models, the price may form a local peak and further decline. We can express all of these as flexible predictions within a four-year cycle and a range of three to six months.

Can Bitcoin Reach $40,000?
According to Glassnode data, the number of addresses holding 10 or more BTC shows increasing potential flexibility. The data indicates that the number of addresses holding 10 or more Bitcoins is currently at a three-year high of 157,352 and has shown 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, the current situation may not be as dire as it seems. With the latest delays, the U.S. Securities and Exchange Commission (SEC) has pushed the next decision dates for companies like BlackRock, VanEck, Bitwise, and WisdomTree to mid-October 2023. The final decision date is in mid-March.

Conclusion
On the other hand, experts predict a significant rise in BTC's price in the mid-term, leading up to the Bitcoin halving event planned for April or May 2024 at block 840,000. In summary, Glassnode data and positive news flow in the cryptocurrency-specific space tell us that $40,000 may not be a difficult possibility in the mid-term.

Yamini003

Hasn't Bitcoin been falling recently?