Major Bitcoin Metric Breaks 3-Month Downtrend Amid Bullish Network Recovery
10 Giugno 2024 - 6:00PM
NEWSBTC
The Bitcoin on-chain metrics continue to show bullish signs that a
parabolic breakout is imminent for the flagship crypto. The latest
of these metrics is a significant turnaround in Bitcoin’s network
activity, which could further provide bullish momentum for the
crypto token. Bitcoin Sees Surge In Network Activity
Crypto analyst Ali Martinez revealed in an X (formerly Twitter)
post that the number of daily Bitcoin addresses had broken a
downtrend that began on March 5. He added that 756,480 Bitcoin
addresses have been active in the last 24 hours. Martinez claimed
this development is a “positive sign” that Bitcoin’s bull run will
continue. Related Reading: Litecoin Sees Massive 75% Surge In
Major Metric – Can This Trigger A Rally To $200? Indeed, this
development could trigger a run for Bitcoin as it suggests that
more users are returning to the ecosystem. This could positively
impact Bitcoin’s price as they continue to trade the flagship
crypto. Meanwhile, the surge in daily active addresses adds to a
growing list of bullish signals for Bitcoin. Another bullish
signal is the decline of Bitcoin’s supply on exchanges, which
recently dropped to new lows. This positive development suggests
that Bitcoin investors are holding for the long term rather than
looking to offload their holdings anytime soon, which could add
significant selling pressure on the flagship crypto. This
decline in Bitcoin’s supply on exchanges continued last week, with
Martinez revealing that almost 22,647 BTC ($1.57 billion) were
withdrawn from crypto exchanges in the past week. Meanwhile, the
crypto analyst mentioned that the Bitcoin Taker Buy Sell Ratio on
the HTX crypto exchange has surged to 730. This surge in the
buy-sell ratio means that more investors are accumulating the
flagship crypto at an impressive rate. Martinez noted that this
“massive buy pressure overwhelming bullish sentiment” and a strong
upward trend might be on the horizon for Bitcoin. This buy pressure
could undoubtedly impact Bitcoin’s price, especially if the selling
pressure is low. Bitcoin’s Current And Future Outlook
Martinez has also provided insights into Bitcoin’s current and
future outlook in a series of posts on his X platform. In one post,
he noted that Bitcoin’s price is currently situated in a strong
support zone between $69,380 and $67,350, where 1.97 million
addresses acquired 964,000 BTC. He added that Bitcoin must hold
above this level to sustain its bullish momentum. Related
Reading: Ripple’s 150 Million XRP Sale Keeps Price Surpressed Amid
Bearish Headwinds Meanwhile, the crypto analyst provided insights
into how high Bitcoin could rise on its next leg up if it manages
to sustain this bullish momentum. He said the next local top for
Bitcoin could be around $89,200. Bitcoin is still expected to rise
higher than that at some point in the bull run since crypto
analysts like Tarekonchain predict that it is very likely that the
flagship crypto will rise above $100,000 before it hits its market
peak. Featured image created with Dall.E, chart from
Tradingview.com
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