Bitcoin: USD/BTC (BTC=X) Rich List experiencing rapid growth

Bitcoin: USD/BTC (BTC=X) Rich List experiencing rapid growth

Bitcoin: USD/BTC (BTC=X) Rich List experiencing rapid growth

The Bitcoin Rich List has experienced rapid growth in the past 12 months as more bitcoins are consolidated into larger wallets—or new money is entering the space. 

The Rich List is a table that shows how many wallets contain certain amounts of Bitcoin. It’s based on blockchain data that’s publically available. However, each wallet doesn’t correspond to a single person. One person might own multiple wallets and one exchange might have multiple people’s funds in a single wallet. But, it appears that those wallets containing large amounts of Bitcoin are getting fatter by the day.

According to Coindesk, the number of addresses containing 1,000 or more BTC has increased by 30% since September 2018. Now, more than 2,000 addresses are holding over 1,000 Bitcoins. However, they do make up just 0.01 percent of all addresses. 

But when it comes to accounts holding tens of thousands of BTC, there are far fewer. The number of accounts with 10,000 – 100,000 BTC totals 104, while there are only three accounts with 100,000-1,000,000 BTC.

This growth of the larger accounts could be credited to an increasing number of experienced investors purchasing Bitcoins. In late 2018, the price of Bitcoin halved, meaning they could get BTC at cheap prices.

Sukhi Jutla, a Bitcoin author and expert, told Decrypt the increasing number of Bitcoin millionaires can be attributed to an increasing number of people becoming aware of Bitcoin and holding wealth in this asset type.

“With crypto becoming more mainstream, there is an increasing number of individuals, wealth managers and family offices who are looking to diversify their holdings and Bitcoin is one of the most trusted assets around at this point in time,” she explained. 

“In addition to this, the Bitcoin Rich List has increased because of the number of new exchanges that are being opened. These exchanges hold Bitcoin in multiple wallets and this is also driving the increase we have seen.”

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 10,273.16.

The projected lower bound is: 8,399.96.

The projected closing price is: 9,336.55.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 17 white candles and 33 black candles for a net of 16 black candles.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 66.8519. This is not an overbought or oversold reading. The last signal was a sell 7 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 59.53. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 30 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 39. This is not a topping or bottoming area. The last signal was a sell 7 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 12 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 9.500 at 9,354.500. Volume was 68% below average (consolidating) and Bollinger Bands were 30% wider than normal.

Open     High      Low     Close     Volume___
9,355.7509,383.9009,154.5209,354.500 26,034
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 9,309.84 8,676.61 9,130.61
Volatility: 25 70 79
Volume: 71,914 79,637 85,215

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX BTC= is currently 2.5% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 12 periods.

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