Bitcoin expected to surge above $35,000 by summer as wallets with at least 1 BTC hit 1 million mark ⋆ ZyCrypto

• The number of wallets holding up to 1 whole BTC has surpassed the 1 million mark for the first time.
• Centralized exchanges remain king, holding over 1.89 million of the 19 million circulating BTC holdings in the market.

Adoption of digital assets, particularly the two market leaders Bitcoin (BTC) and Ethereum (ETH), continues to grow, with gains this year and a potential pause in rate hikes.

According to recent data from on-chain analytics firm Glassnode, the number of wallets holding at least 1 BTC has surpassed the 1 million mark for the first time. This is a major milestone as the top cryptocurrency attempts to claw back $28,000 after losing that mark earlier this month.

The market downturn in 2022, which saw BTC lose over 55% of its value, lured many investors to stock up. The number of wallets with more than 1 bitcoin surged in mid-June and November after the FTX crash. A total of 190,000 wallets have increased their portfolio to over 1 BTC from November 2021 to date.

It should be noted that the fact that 1 million addresses own more than 1 BTC does not represent 1 million users as several major investors have more than 1 crypto address and digital asset exchanges also hold large amounts of assets. Data from CoinGlass shows that of the 19 million BTC in circulation, about 1.89 million are held on major exchanges.

Glassnode sees a bull market on the horizon

Glassnode co-founder @Nengentropic challenged his followers on the best time to buy cryptocurrencies given the new stats. In his opinion, users should be piling up “when blood is spilling in the streets,” suggesting a bearish market on the verge of a surge.

Glassnode also estimated that BTC will reach $35,000 in the summer as bulls seek to capitalize on the current troubles in the banking sector and the Fed’s signal to suspend rate hikes.

BTCUSD chart from TradingView

On the other hand, experts are pointing to a correction below $25,500 as BTC plummets again below $26,700, marking a two-month low. Despite last week’s decline, BTC is already looking stronger after reclaiming $27,300.

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