Bitcoin Loyalists Express Faith In BTC Price Upside, On Chain Data Shows

Despite a lull in BTC price in the recent weeks, holders of the top cryptocurrency continue to place confidence in its upside potential. The confidence, to a large extent, stems from hopes of a spot Bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC) by the end of 2023 or at most sometime in 2024.

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Big Bitcoin Wallets Hold Steady

The crypto market has been plagued by extended sideways movement in BTC price in the last few months. According to on chain data from Glassnode, the number of addresses with 10 or more BTC in their wallets is currently at all time high level. This shows a rise in confidence among high net worth investors, a sign that is bullish for Bitcoin price outlook for the near future. A Glassnode alert earlier on September 25, 2023 said,

“Bitcoin (BTC) number of addresses holding 10 + Coins just reached an all time high of 157,629.”

Earlier, CoinGape reported analyst comments that BTC could have likely formed a bear trap before regaining the $27,000 level.

Next Spot Bitcoin ETF Deadline Approaching

Meanwhile, the next decision deadline for the SEC’s spot Bitcoin ETF applications is scheduled for October 16, 2023. Traders would be keen to observe the SEC’s decision for the Blackrock filing on October 17, 2023. However, the agency, in its own rights as per law, may likely delay the decision yet another time, after having delayed the application deadline previously in the first week of September.

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