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.Â
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.Â
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.Â
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.Â
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 analystÂ’s thesis is backed by BitcoinÂ’s gains in the previous post-halving cycles.Â
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.Â
Bitcoin trades at $61,670 at the time of writing, the asset is likely headed towards $63,943.Â
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