Over 1 million people hold at least one Bitcoin, here’s where BTC is headed

Bitcoin (BTC) wallet addresses holding at least one Bitcoin has crossed 1 million, per Glassnode data on June 30. Majority of BTC holders are profitable at the current price and analysts predict a bull run in the largest asset by market capitalization. 

Bitcoin on-chain data shows rise in BTC ownership, unrealized gains

Glassnode data shows a consistent increase in the number of wallet addresses holding at least one Bitcoin. Over a million wallets hold at least one Bitcoin, fueling a bullish thesis for the largest cryptocurrency. 

Bitcoin: Number of addresses with balance greater than 1 BTC

Data from IntoTheBlock shows that nearly 82% of the wallet addresses are currently profitable as BTC sustains itself above $61,500. 16.16 million Bitcoins are currently being held in wallet addresses with unrealized gains. 

Bitcoin wallets with unrealized gains

While it is likely that holders take profits, profit-taking activities in the past few months have failed to negatively impact Bitcoin price. 

Analysts predict a bull run in Bitcoin

Quinten Francois, an analyst and trader evaluated the Bitcoin price trend and noted that 71 days post the halving event, BTC is on track for a 2016-2017 style bull run “on steroids.” The analyst’s thesis is backed by Bitcoin’s gains in the previous post-halving cycles. 

Data shows that Bitcoin has noted gains every cycle in similar timelines. Analyst behind the X handle @therationalroot identifies Q3 as a key time for Bitcoin price gains. 

Bitcoin trades at $61,670 at the time of writing, the asset is likely headed towards $63,943.