Key takeaways:
- The number of Bitcoin addresses holding one or more BTC has hit a new all-time high of 841,224
- The current levels between the local low of $26,700 and $32k might be considered by some traders as buy levels
- Bitcoin analyst, MagicPoopCannon, suggests a bounce to $35k is probable despite signs of weakness at the $29k price area
- BTC analyst, Timothy Peterson, has forecasted that the next three to 12 months will probably be an opportune time to load up on Bitcoin
Bitcoin has hit a new significant milestone in terms of holders of one or more BTC. According to the team at Glassnode, the number of BTC addresses holding one or more Bitcoin has reached a new all-time high of 841,224.
The team shared their observation on Bitcoin through the following Tweet and accompanying chart.
📈 #Bitcoin $BTC Number of Addresses Holding 1+ Coins just reached an ATH of 841,224
View metric: pic.twitter.com/e1HkYNBxBF
— glassnode alerts (@glassnodealerts) May 16, 2022
Current Bitcoin Price Range Between $27,600 and $32k Might Be an Opportunity to Buy
The number of addresses holding one or more Bitcoin hitting a new all-time high comes when BTC is trading at $29,400 and between the local low of $26,700 set last week and the $32k resistance level. This range also contains several important support and resistance zones such as $27,500, $28k, $28,400, $29,300, $30k, $30,500 and $31,400.
Furthermore, the two companies of Microstrategy and Tesla, bought significant amounts of Bitcoin at these levels early last year.
The two reasons mentioned above hint that Bitcoin traders and investors probably view the current BTC price range as a potential buy zone.
Bitcoin Could Potentially Bounce to $35k
With respect to short-term price action, BTC analyst MagicPoopCannon has forecasted that a rally to $35k is possible. However, some weakness lingering around Bitcoin could result in a retest of $28k or lower levels.
The Next 3 to 12 Months Might Be Prime to Load Up on Bitcoin
Concerning long-term price action, Bitcoin analyst Timothy Peterson of Cane Island Alternative Advisors has pointed out that BTC is currently underpriced and could remain so for the next 12 to 24 months. However, he was optimistic that the next three to twelve months would be ideal for loading up on Bitcoin.
He shared his analysis of Bitcoin through the following statement and accompanying chart.
How long would #bitcoin stay underpriced? History says 6-12 mo, but that is in a secular bull market. In a secular bear, maybe 12-24 mo.? Nobody knows yet. But since it reverses in 1/2 that time, the prime load-up opportunity would be in 3-12 mos from now.
