Bitcoin Holder Count Faces Drastic Fall – What’s Going On?

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As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve seen my fair share of market swings and trends. The recent decline in the number of Bitcoin wallets holding at least one whole coin is a concerning development that I’ve kept a close eye on. According to Santiment, an important metric showing this trend has been dropping aggressively, indicating that traders have lost faith in Bitcoin reaching new all-time highs this year.

As a researcher studying on-chain data, I’ve observed an intriguing trend from Santiment’s aggregated data: there has been a significant decrease in the total count of cryptocurrency wallets holding a full Bitcoin.

Aggressive Bitcoin holder dump registered

According to Santiment’s analysis, the significant indicator has been exhibiting a steep drop as investors hold the view that Bitcoin is unlikely to surpass its all-time high of $73,750 set on March 14 this year and may not advance beyond that level.

As a researcher studying the cryptocurrency market, I’ve noticed that Santiment brought up an intriguing point about significant Bitcoin liquidations. These events, although disruptive in the short term, could actually increase the likelihood of a continuing Bitcoin price rebound.

Currently, the total Bitcoin holder dump comprises 672,510 fewer than a month ago.

As an analyst, I’ve noticed that the number of Bitcoin holders, defined as any wallets with more than zero coins, has been declining dramatically. It seems that many traders are under the impression that the all-time high in March of this year represented the peak for Bitcoin in 2024. However, when we witness such extensive liquidations, the likelihood of a subsequent rebound becomes even stronger.

— Santiment (@santimentfeed) July 17, 2024

Bitcoin to reach $1 million, Samson Mow names time-frame

I’ve previously reported that Samson Mow, a notable Bitcoin advocate and CEO of JAN3, reaffirmed his forecast for the digital currency’s dramatic rise in value. Specifically, he anticipates reaching a six-figure price point, setting the bar at an impressive $1 million per coin.

Based on my extensive experience in financial markets and observing trends, I strongly believe that this individual is confidently predicting a significant price increase for the asset within the next year. His conviction is reinforced by his explicit mention of a timeframe. However, it’s important to remember that market predictions come with inherent risks and uncertainties. While past experiences have taught me that such growth can indeed occur, it’s crucial to approach such statements with caution and conduct thorough research before making any investment decisions.

The Jan3 chief executive holds the view that if Bitcoin surpasses the $100,000 mark, a bull market will ensue, propelling Bitcoin’s price up to the historic high of $1 million. He shared this perspective in his post to dissuade individual investors from prematurely concluding that Bitcoin has reached its end.

Michael Saylor, a prominent advocate for Bitcoin and the co-founder/executive chairman of MicroStrategy, the largest publicly traded company holding Bitcoin as a treasury reserve asset, posted on Twitter on Wednesday with the statement: “Bitcoin heading for new heights.”

At the time of this writing, Bitcoin is changing hands at $64,894.

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2024-07-18 14:13