Bitcoin, Ethereum, and Dogecoin Experience Growth as Number of BTC Wallets Hit Record High: Analyst Predicts Duration of King Crypto’s ‘Significant Progress’
Major cryptocurrencies experienced gains on Monday, with Bitcoin, Ethereum, and Dogecoin all trading in positive territory. Data from Glassnode revealed that the number of wallets holding at least one Bitcoin reached a record-breaking 1,008,737 million, indicating increased decentralization within the network. The global crypto market capitalization also saw a 1.67% increase over the last day, reaching $1.19 trillion.
In the broader market, US stocks rebounded, signaling a positive turn for Wall Street after a challenging week. The S&P 500 and Nasdaq Composite both saw gains. Investors are preparing for upcoming inflation data and the beginning of the second-quarter earnings season. The consumer price index report is scheduled to be released on Wednesday, followed by the producer price index on Thursday.
According to analyst Edward Moya from OANDA, Bitcoin received a strong vote of confidence from Standard Chartered, which set a price target of $50,000 for this year and $120,000 for 2024. However, Moya also noted that miner profitability and increasing electricity costs could pose challenges to reaching these targets. He also mentioned the possibility of waiting months for any concrete updates on Bitcoin ETFs.
Pseudonymous trader Altcoin Sherpa suggested that the next Bitcoin bull run may be around eight months away. The trader pointed to a bullish price action on the weekly time-frame chart, where Bitcoin currently sits above its major exponential moving averages (EMAs) in a similar pattern seen in 2019. This compression and tightening of the EMAs typically indicate an upcoming significant price move.
Overall, the cryptocurrency market showed positive signs with increasing wallet adoption and gains across major cryptocurrencies. However, analysts and traders remain cautious about potential challenges and the timeline for the next Bitcoin bull run.