With the current market volatility in the market the prices of all the cryptocurrencies including Bitcoin are going up and down.
As the market is continuously seeing high selling pressure and high buying power. Despite all the current troubles it has been claimed by a crypto investor that over 1 million people still hold one or more than one bitcoin in their crypto wallets.
This astonishing claim only points out one thing that investors are not willing to give on Bitcoin as they realize that the current price low is only temporary.
In the coming days, the price is expected to rise, so rather than selling Bitcoin it is better to keep holding on to it until the prices reach high once more.
It is important to understand that the current crypto turmoil due to the Fall of FTX has aided in the severe market volatility.
Even though FTX collapsed in the mid of November, rumors about the collapse were in the news from the start of October.
As the result, by the end of October, the prices of cryptocurrencies started to show signs of volatility.
As the prices declined heavily at the start of November, many investors purchased Bitcoin at lower prices and have kept them in their wallets until now.
So, the start of November has shown great strength in the purchasing power of buyers.
Lark Davis Claims That Over One Million Wallets Own One or More than One Bitcoins
Lark Davis who is a famous crypto investor and wealth adviser further added that the number of crypto wallets holding Bitcoin is constantly on the rise since the start of November.
The reason behind this high purchasing power is that those investors seeking short-term gain are buying the cryptocurrencies at a time when their prices plunge and selling pressure rises.
They appear to be entering the market at the proper time in order to benefit handsomely as prices are expected to rise.
Talking about the future, if the prices of Bitcoin further declined then there could be more wallets storing the Bitcoin reserves.
Lark also said that if Bitcoin holds on to the current momentum, it will move higher than the current level of resistance, and eventually, it will be reaching above the $20 mark.
Now those investors who are holding Bitcoin are keenly waiting for Bitcoin to prolong its current bullish run.
Moving Ahead Investors Must Keep in Mind
As the cryptocurrency market maintains its unpredictable price trends, investors around the world have should be careful as the volatility might remain high moving forward.
Some of the world’s most prominent cryptocurrencies have seen their prices plummet dramatically. For example, Bitcoin and Ethereum are battling to retain their bullish run.
Unfortunately, some crypto market experts are still sure that bears will one more beath the bulls in the coming days as cryptocurrency prices will further decline.
Furthermore, costs are projected to fall much lower in the coming days. The recovery is not conceivable until the mid of 2023. This means high selling pressure and a continuous rise in purchasing power.
Those who are willing to avoid short-term losses will continue to sell and those who want to earn long-term gains will buy. Moving forward, it is impossible to forecast where things will settle down.
Seasoned cryptocurrency investors are watching for institutional adoptions.
Despite the fact that current market dynamics are not favorable by any means for those who are interested in cryptocurrency buying and selling, more and more investors are entering the market.
In case the bears further gain the market, the chances are pretty high that those who are holding the Bitcoin in their wallets might explore derivatives and Bitcoin interest accounts investment opportunities.
Regardless of the market sentiment, it is clear that Bitcoin has still got the investors’ trust.