In the past two weeks, bitcoin has experienced a market correction of around 11% and even more evident volatile rides. Although the leading crypto asset recently briefly rebounded to $58,000, its price still has a long way to go before it regains its all-time high levels.<\/p>\n
On-chain data from the blockchain market intelligence firm Santiment revealed that bitcoin wallets holding less than 1 BTC are aggressively accumulating.<\/p>\n
Bitcoin has reached as high as $58K today, with sentiment among retail traders beginning to look a bit more positive. Wallets with <1 BTC now hold their highest ratio of supply in 7 months.<\/p>\n
However, an ideal setup for crypto to rebound back to all-time high levels would\u2026 pic.twitter.com\/riPbS2W9qz<\/a><\/p>\n \u2014 Santiment (@santimentfeed) September 10, 2024<\/a><\/p>\n\n The chart above shows that these holders have increased their bitcoin supply distribution to 7.22%, the highest since February 7th. But BTC\u2019s price will likely see a significant surge if this happens:<\/p>\n Santiment\u2019s data showed that while wallets holding below 1 BTC are stacking more bitcoins, wallets holding 1-100 BTC and those with more than 100 have cooled off recently. They saw their most recent peak supply distribution on July 27th and August 14th, respectively.<\/p>\n The market intelligence firm explained that bitcoin\u2019s price will soar closer to its peak value of $73,700 if holders with 1-100 BTC steadily grow and those owning more than 100 BTC stack the digital asset \u201caggressively.\u201d<\/p>\n Notably, bitcoin and other related assets have seen more outflows than inflows in recent weeks. The United States spot Bitcoin exchange-traded funds (ETFs), for instance, saw non-stop outflows<\/a> worth millions of dollars for nearly two weeks.<\/p>\n On the bright side, the Japanese investment company Metaplanet recently boosted<\/a> its bitcoin stash by 38.464 BTC (worth $2 million). The acquisition brought its total to 398.832 BTC, valued at $26 million. Although this big buy benefited the firm\u2019s stock price, it did little to bolster bitcoin\u2019s value.<\/p>\n Santiment\u2019s theory entails that if bigger buyers like MicroStrategy and large Bitcoin ETF products net significant BTC inflows, the digital asset\u2019s value will see a meteoric surge, even if wallets holding less than 1 BTC shed portions of their holdings.<\/p>\n Despite bitcoin\u2019s current price action, proponents believe that the asset will unlock significant increments in the long term.<\/p>\n MicroStrategy\u2019s co-founder Michael Saylor recently declared<\/a> that BTC will soar to as high as $13 million in the next two decades.<\/p>\n The post This Has to Happen for Bitcoin to Soar Past $58K: Santiment<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" In the past two weeks, bitcoin has experienced a market correction of around 11% and even more evident volatile rides. Although the leading crypto asset recently briefly rebounded to $58,000, its price still has a long way to go before it regains its all-time high levels. On-chain data from the blockchain market intelligence firm Santiment […]<\/p>\n","protected":false},"author":0,"featured_media":5764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5763"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5763"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5763\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5764"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What Could Drive BTC\u2019s Price?<\/h2>\n
Bitcoin Proponents Remain Bullish<\/h2>\n