Bitcoin (BTC) was reached $12,000. But it slumped back by $1,500 in a few minutes after the crypto coin moved sideways in the last 24 hours.
Crypto investors are still turning bullish on Bitcoin. In fact, the number of millionaire addresses holding BTC increased to 18,000 thanks to the recent move.
Keep in mind that these addresses don’t reflect the number of bitcoin millionaires as a whole. Some Bitcoin holders own several addresses that if combined, they make up $1 million worth of BTC. Others have several addresses with over $1 million in each wallet.
The top cryptocurrency’s increase was a reversal of the coin’s long-term downtrend since December 2017. Although some crypto analysts claim that it could gain a high momentum, but not compared to gold.
Moreover, this momentum is two years after the crypto had reached an all-time high near $20,000. This current rate is far from that figure. But investors are optimistic because its current trend-led its transaction fees to surge by 500% year-to-date.
Bitcoin in the Bullish
Single-day trading volumes reached a total of 11,509 BTC in the Bakkt Intercontinental Exchange’s cryptocurrency venture. The volume is worth over $124 million on the day BTC hit $11,000.
The record was an increase of 85% from the previous one since December 2019. Before the surge, Bakkt traded less than $6 million worth of BTC futures contracts.
Another blockchain monitor, Bitcoin Block Bot, saw a huge transfer of 88,989 BTC worth $1 billion. Crypto analysts believe that there’s a bullish outlook for Bitcoin, predicting a prolonged rally right around $10,500.
Analysts predict that the coin’s price could progressively touch $14,000 to reach an all-time high within the next few months. For now, they claim that Bitcoin still remains around the $10,500 and $11,000 levels.
Ethereum’s path is therefore projected to remain bullish according to technical indicators.