Will BTC Fall Despite Bitcoin’s Non-Whale Wallets Reach All-Time High?

Santiment, an on-chain market intelligence platform, recently took to Twitter to notify the community that Bitcoin’s non-whale wallets, users with less than 100 BTC, have climbed to a new All-Time High. The market intelligence platform also points out that the non-whale wallets now own 41.1% of the available supply; meanwhile, BTC whales own 55.5% of the supply.

🐳📉 #Bitcoin’s non-whale wallets, defined as addresses with under 100 $BTC, have climbed to new #AllTimeHigh levels, now owning 41.1% of the available supply. Meanwhile, whales with 100 to 100K, own 55.5% of the supply, their lowest amount held since May. https://t.co/JktSd6yM6Z pic.twitter.com/f2cwYZ3MTX

— Santiment (@santimentfeed) September 21, 2023

The number of traders showing interest in the leader of cryptocurrencies could drive the price of BTC upwards. Many speculate that BTC’s prices could continue to trade between the $25K and $30K levels, before breaking out in the bullish cycle. However, one crypto analyst under the pseudonym of Rekt Capital recently tweeted that BTC may fall below $26K before expecting a surge during its BTC-halving event.

#BTC

Bitcoin hasn’t yet revisited the Macro Higher Low in this cycle (blue circle)$BTC #Crypto #Bitcoin pic.twitter.com/XUjl8TPZLr

— Rekt Capital (@rektcapital) September 21, 2023

This analysis was conducted by focusing on the historical price movements of BTC. The comment section was also flooded with users debating whether this statement was true or not. While some claimed this analysis is true, others rejected the analysis suggesting that it is false.

One Twitter user Diplocat expressed, “I don’t think a massive global black swan event of the magnitude of COVID counts as a valid data point, especially when it is the only data point to base a whole chart on. In other words, I wouldn’t count on it, mate.”

At the time of writing, BTC is trading at $26,686.25 after experiencing a surge of 0.34% in seven days. The market cap is valued at $520,312,465,932, after facing a fall of 1.04% in 24 hours. Despite the slight downfall, traders still have a demand for BTC as the trading volume, valued at $14,134,845,243, is experiencing a surge of 11.85% in 24 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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