The current Bitcoin price today is $62,103.10, a decrease of 0.60% over the past 24 hours. Bitcoin is the world’s first decentralized cryptocurrency, launched in 2009, and it uses blockchain technology to facilitate peer-to-peer transactions without a central authority.
Bitcoin’s market capitalization is $1.22 trillion, and it has seen a tremendous price history, increasing over 9,000,000% between 2010 and 2020. The cryptocurrency prices have been highly volatile, but Bitcoin’s price calculator shows an average growth rate of 150.9%. Its circulating supply is 19.7M BTC with a typical hold time of 85 days.
Bitcoin Price Analysis
Bitcoin Price Predictions
Bitcoin (BTC) is expected to experience significant price increases in the coming years. According to predictions, the minimum Bitcoin price could reach $84,475.55 in 2024 and potentially soar as high as $4,918,737.08 by 2050.
Here are some key Bitcoin price predictions for the next few years:
| Year | Predicted Average Price |
|---|---|
| 2024 | $87,676.23 |
| 2025 | $124,947.50 |
| 2026 | $179,262 |
| 2027 | $255,465 |
| 2028 | $371,235 |
| 2029 | $549,995 |
| 2030 | $776,109 |
Over the last 30 days, Bitcoin has had 15 out of 30 (50%) green days and experienced 4.80% price volatility.
Bullish Momentum and Catalysts
- Bitcoin has plenty of bullish momentum in 2024, with the SEC approving the first spot bitcoin ETFs in January 2024.
- The original crypto is on track for its next halving in April 2024, which has historically led to price rallies.
- Bitcoin prices have soared following the launch of the new spot bitcoin ETFs, suggesting significant institutional interest in crypto.
Many experts believe it’s only a matter of time before Bitcoin sets new all-time highs on its path to $100,000, with some predicting it could reach $148,000 by the first half of 2025.
Current Bitcoin Price and Market Data
As of the time of writing, Bitcoin (BTC) is trading at $61,276, up 0.16% in the past 24 hours. Its market capitalization stands at $1.21 trillion, with a fully diluted market cap of $1.29 trillion. The 24-hour trading volume for Bitcoin is $24.61 billion.
Bitcoin’s all-time high price was $73,794, and its current circulating supply is 19.70 million, out of a maximum supply of 21 million. Technical analysis indicators show a neutral to slightly bearish outlook for Bitcoin in the short-term, with the 1-week rating showing a buy signal and the 1-month rating showing a buy signal.
On May 8, 2024, Bitcoin was traded at a closing price of $61,109, with a daily trading volume of 254.9 M.
Accumulation Trends
Tracking Active Bitcoin Addresses
The Number of Active Bitcoin Addresses metric tracks the number of unique addresses that were active in the Bitcoin network as either a sender or receiver in successful transactions. This data is available at various time resolutions, including 1 Month, 1 Week, 1 Day, 1 Hour, and 10 Minutes. The platform provides data not only for Bitcoin (BTC) but also for other cryptocurrencies and assets such as ETH, USDT, USDC, BUSD, DAI, TUSD, LTC, MATIC, 1INCH, AAVE, and many others.
The content includes a chart visualizing the Number of Active Bitcoin Addresses over time, with the Bitcoin price overlaid, which can be customized to use different time resolutions, SMA (Simple Moving Average) settings, and chart styles. The data for this metric can be accessed through the platform’s API, with documentation provided, and users can also download the data in JSON or CSV format.
Accumulation and Distribution Trends
Bitcoin currently has an Accumulation Distribution of 3.5 M, down from 39.2 M previously, indicating a decrease in accumulation by the market over time. However, the number of accumulation addresses (addresses that have received at least two non-dust transfers and have never spent funds) increased from 778,385 to 866,854, an 11.37% increase.
Long-term holder supply (held for over 155 days) increased from 14.07 million to 14.90 million BTC, a 5.90% increase, while short-term holder supply (held for less than 155 days) decreased from 2.82 million to 2.37 million BTC, a 15.96% decrease.
| Metric | Previous Value | Current Value | Change |
|---|---|---|---|
| Number of Accumulation Addresses | 778,385 | 866,854 | +11.37% |
| Long-term Holder Supply | 14.07 million BTC | 14.90 million BTC | +5.90% |
| Short-term Holder Supply | 2.82 million BTC | 2.37 million BTC | -15.96% |
Additionally, the number of addresses in profit increased from 22.52 million to 44.12 million, a 95.9% increase. The long-term holder supply in profit increased from 7.78 million BTC to 13.16 million BTC, while the short-term holder supply in profit increased from 535,645 BTC to 1.93 million BTC.
Accumulation Trend Score
The Accumulation Trend Score, edging closer to 1, indicates a phase where whales are actively acquiring more Bitcoin, suggesting a bullish outlook. This metric, combined with the increasing number of accumulation addresses and the growth in long-term holder supply, suggests that Bitcoin may be entering an accumulation phase, potentially leading to a price rally in the future.
Market Sentiment and Holder Behavior
The current market sentiment on Bitcoin is 43% Bullish and 57% Bearish, with the Fear & Greed Index at 64 (Greed). Bitcoin is witnessing an increased accumulation by ‘whales’ (large-scale investors), raising speculations of an imminent bull run. Recent data from crypto analytics firms indicates a surge in Bitcoin holdings by these large-scale investors.
Whale Accumulation Trends
Whales currently hold 46% of the total Bitcoin supply, down from 63% in early 2021. Many Bitcoin whales are categorized as Short-Term Holders, actively participating around market peaks and troughs. There has been a notable decline in the aggregate balance of whale holdings since May 30th, suggesting active restructuring within the whale cohort.
The distribution of Bitcoin ownership is becoming more diverse, with whales holding about 40.4% of the circulating supply, down from 41.3% earlier in the year. However, there has been a notable increase in whale deposits to exchanges, suggesting increased selling pressure or liquidity provision.
Holder Behavior and Address Growth
The number of Bitcoin addresses with non-zero balances increased from 43.26 million to 51.58 million, a 19.23% increase. Additionally, the number of addresses holding over 1 BTC increased from 978,177 to 1.02 million, a substantial increase.
| Metric | Previous Value | Current Value | Change |
|---|---|---|---|
| Addresses with Non-Zero Balance | 43.26 million | 51.58 million | +19.23% |
| Addresses Holding Over 1 BTC | 978,177 | 1.02 million | +4.27% |
This growth in the number of addresses holding Bitcoin suggests an increasing adoption and interest in the cryptocurrency, potentially contributing to the overall market sentiment.
Conclusion and Outlook
The current Bitcoin price and market dynamics present an intriguing scenario for investors and enthusiasts alike. While the short-term outlook remains uncertain, the accumulation trends, growth in active addresses, and increased whale activity suggest a potential bullish future. The market sentiment, though divided, reflects a growing interest and adoption of Bitcoin, solidifying its position as a significant player in the digital asset landscape.
Ultimately, the decision to invest in Bitcoin should be made after careful consideration of individual risk appetite and investment objectives. Regardless of the price movements, Bitcoin’s underlying technology and its role as a decentralized, peer-to-peer digital currency continue to fuel discussions and drive innovation in the broader cryptocurrency ecosystem.
