Bitcoin’s landscape is undergoing a noteworthy transformation as non-whale wallets with holdings below 100 BTC claim a newfound prominence. According to Santiment, non-whale wallets in the Bitcoin ecosystem, defined as those holding less than 100 BTC, have reached a new all-time high, now accounting for 41.1% of the available Bitcoin supply.
Concurrently, the larger whale wallets, encompassing holdings ranging from 100 to 100,000 BTC, have seen their share drop to 55.5%, marking their lowest level since May.
Recent developments from Japan’s largest investment bank, Nomura, have also contributed to Bitcoin’s positive momentum. Nomura announced the launch of a new adoption fund tailored for institutional investors in the cryptocurrency space.
Following this announcement, BTC’s price saw an uptick, rising to $27,200. This surge in momentum has garnered attention from traders and investors alike.
This shift in ownership dynamics comes amid a backdrop of price stability in the Bitcoin market, which held firm at the key price point in the last few days, while it has experienced relatively subdued movement in the previous 24 hours and is now trading at $26,627.44.
Analyst Predicts Bitcoin’s Price Potential
As Bitcoin enthusiasts eagerly await new price milestones, Jelle, a well-known cryptocurrency analyst, took to Twitter to share insights into BTC’s price potential. Jelle stated that if Bitcoin follows historical patterns, the current bull market could peak just shy of half a million dollars per BTC.
While Jelle expressed some skepticism about surpassing the $200,000 mark, they remained open to the possibility of a surprise surge.
Additionally, another technical analyst drew attention to a significant event in BTC’s price chart—the Golden Cross. This technical indicator occurs when the Tenkan and Kijun lines intersect, typically signifying a potential shift in price direction.
However, a Golden Cross, or any technical indicator for that matter, does not serve as an immediate trading signal. In fact, prices often experience corrections following such events. Nevertheless, a Golden Cross provides valuable insight into the potential price direction in the near future.
If this trend continues, BTC’s price could potentially break through the $27,500 barrier, possibly testing the $28,000 level. Momentum appears to be on the side of Bitcoin, and if it continues to accumulate, there may be further room for upward price movement.
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