Bitcoin price surged to $45,000 as it surged above a nearly three-month-long resistance line on the brink of a potential breakout. At the time of writing, BTC is changing hands at $44,251.
Bitcoin price surpasses $45,000
Cryptocurrencies have been green, especially since this Tuesday when Do Kwon, the founder of Terra, started buying BTC to support Luna’s UST stablecoin. He bought another $125 million today, with such a deadline extended to April 7.
The cryptocurrency has turned bullish, as can be seen on the hourly chart as it retested the $39,000 iron support presumably last week to give up and eventually move up. The big question now is where it might go. Our long term target is $80,000 based on pure hypothetical wave theory.
According to IntoTheBlock, Bitcoin just celebrated another major milestone of 40 million on-chain owners. The total number of addresses holding any amount of BTC only reached 40.2 million.
“Over 40 Million Holders – The number of #Bitcoin holding addresses has surpassed 40 million for the first time. After dropping in February, the number of addresses holding Bitcoin has continued to increase and set new highs. This shows growing interest and acceptance of Bitcoin,” IntoTheBlock reported.
Despite a drop in the number of addresses in February, the number of BTC addresses has returned to a growth path and set new highs since the start of the year. The increase in the number of addresses correlates with the growing demand and Bitcoin adoption rate.
According to the chart provided, the growth rate of the number of wallets and addresses correlates with the price of the first cryptocurrency. The spike in addresses opened after Bitcoin entered an ascending range.
While institutional adoption rates peaked in 2021 and dropped significantly in 2022, companies like Goldman Sachs accelerated the adoption of cryptocurrencies and digital assets by introducing approaches to new contact for their customers.
Besides support from institutional investors, Bitcoin also faces growing support from key crypto investors. Previously, Terra Network announced that it will be actively buying BTC in bulk ($125 million per day) over the next three months.
The network’s desire to do so has been confirmed by the chain’s history as the wallet owned by Terra is now worth close to $1 billion and buys around 3,000 BTC a day as of March 20.