30s Summary

Bitcoin is expected to have nearly a million daily users by 2024, a figure not seen since 2019, potentially pushing its value beyond $100,000. Blockchain analysts note an increase in Bitcoin usage by regular users, not just big investors, reducing price volatility. Despite a recent fall in Bitcoin prices due to long-term holders selling off, the growth in daily users is a positive sign. However, caution is required due to possible market correction. The inflow of new users and the hoarding of Bitcoins by existing investors could lead to substantial price movements.

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So, it looks like Bitcoin is getting close to having a million people using it daily, which is something we haven’t seen since 2019, and that’s happening in 2024. Experts are saying that this might catapult Bitcoin’s value even further, possibly crossing the awesome $100,000 mark.

Just before the end of November, IntoTheBlock, who are really good at analyzing the blockchain (that’s Bitcoin’s underlying tech), found out that there are more and more people using Bitcoin. And we’re not talking about big, professional traders, but rather regular Joes. This is awesome because it means that Bitcoin isn’t just for tech nerds or Wall Street suits anymore.

Now, big financial players have a lot of money to play with and when they make moves, they have a huge impact on Bitcoin’s price, causing it to swing wildly. But regular users like you and me, we’re less likely to cause that to happen, as Blockchain guru Anndy Lian pointed out. That’s actually a good thing if you’re in it for the long haul, he added.

Just this November, Bitcoin got oh-so-close to hitting the $100,000 mark, getting within just $200 of it. Unfortunately, there was a drop back to $92,400 due to some of the long-term Bitcoin owners selling off their stash. This drop wasn’t because of some American Bitcoin ETFs, as Eric Balchunas, an analyst with Bloomberg, mentioned.

Despite the recent price drop, the growth of daily Bitcoin users is really a good sign. However, most of the new guys on the block haven’t really bought or sold much. As Mr. Lian put it, we’re yet to see the effect of these new entrants in the buy-sell game.

On the 26th of November, the total Bitcoin volume traded daily was $817 million but it was over $1.58 billion on the 14th when the Bitcoin price breached $90,500 according to Blockchain.com.

Ryan Lee, from Bitget Research, warns investors to be ready for a wider market correction. He says the market might be correcting itself and long leveraged positions above $3.40 billion could be at risk and potentially cause price volatility.

So, will the million daily Bitcoin users push its price to the $100,000 milestone? According to some analysts, the surge of active Bitcoin users could pump its price to record levels even before November ends. In another positive sign, over 458,000 Bitcoin investors have been hoarding Bitcoins above $96,700. If these folks decide to inject their Bitcoin holdings into the market, it could cause some serious price movement.

The news about more and more people using Bitcoin came not long after Bitcoin ETFs recorded $2.4 billion worth of inflows, which was their fourth-best week. Meanwhile, there was a massive sell-off from China ETFs due to economic worries, leading to the worst week of outflows in history.