More than 30 million Bitcoin (BTC) addresses are with a balance as more investors HODL BTC in anticipation of its price spike in 2021.
Reflexivity, a crypto market indicator, has been increasing in recent months, as per on-chain analyst Willy Woo. The investors hold as the BTC price recovers to over $10,000. Following this, BTC is expected to increase by 2021 as a result of its post-halving bull rally.
Previously, BTC has increased its price 12 to 15 months after every halving, making a new all-time high as it happens. Depending on the tendency of BTC to rally after a halving, retail investors could be holding as a strategy to avoid being priced out if a strong sustained rally begins.
According to Coingecko, Bitcoin’s price is $11,366 with a 24-hour volume of 20.75 billion, at the time of writing.
Moreover, the number of active Bitcoin addresses have surpassed over 30 million this year, with about 89% of them presently in the profit state. These addresses have a balance on the cryptocurrency’s blockchain network.
As disclosed, the number of BTC addresses with balance increased by 11.9% in 2020.
There are now 31.94 million addresses with a balance in $BTC.
Throughout 2020, the number of addresses with a balance in BTC has increased by 11.9%.
— intotheblock (@intotheblock) October 10, 2020
In retrospect, back in March, there have been only 45% Bitcoin addresses in gain. The surge in BTC profit in June reportedly came as the cryptocurrency grew its price to over $10,400.
Showing a good play on its defense and resistance, the Bitcoin bullish price prediction for October 2020 is $14,000. As this optimistic uptrend signal continues until 2021, analysts are confident that BTC’s market cap will reach trillions in 5-10 years.