According to data from CoinMarketCap, Bitcoin (BTC) seems to have lastly discovered some stability in September, recording a value achieve of practically 13% within the final week. Interestingly, crypto analyst Burak Kesmeci has unveiled a sure situation behind this value rise which might show very important in initiating a market bull run.
Bitcoin Bulls Dominance Strengthens, Network Address Nears 350,000 Level
On Friday, Kesmeci shared through an X post detailing how the variety of new Bitcoin addresses per day is a robust indicator of value motion. With respect to current value achieve, the analyst famous that new Bitcoin addresses have been on the rise reaching 330,000 with a possible of touching the crucial threshold of 350,000.
Kesmeci explains the pivotal standing of 350,000 stating that each time the variety of new Bitcoin addresses strikes above this stage, it signifies that bulls are gaining market affect and the worth trajectory is upward. Alternatively, when new BTC addresses fall beneath this threshold, it might symbolize a value correction or the start of a bearish season.
For the latter case, the crypto analyst explains {that a} straight decline in new BTC addresses to beneath 250,000 would end in a full-fledged bearish market as beforehand seen on three events within the final six years i.e. from $19,000 to $6,000 in 2018, from $64,000 to $30,000 in 2021, and from a file $74,000 to $49,000 in 2024.
However, the current rise in new Bitcoin addresses which had dipped beneath 200,000 to above 300, 000 has been largely spectacular. Kesmeci postulates that if this metric reaches above 350,000, particularly following the US Federal Reserve assembly subsequent week, BTC traders might be in for a “delicious” interval.
Related Reading: Bitcoin Recovers After CPI Data Drop, But Is It Sustainable?
BTC Spot ETF To Threaten Network Growth?
The Bitcoin spot ETF market is among the most fun crypto developments in 2024. It is broadly believed that these exchanged-traded merchandise will drive Institutional demand for Bitcoin in the long term. While such notions could also be true, Kesmeci has expressed issues about these ETFs hampering community development.
This is as a result of a single ETF might maintain BTC for a number of traders who would have created particular person community addresses in the event that they invested in Bitcoin straight. Therefore, there’s a want for fixed new waves of retail traders even within the creation of ETF-driven value development.
At the time of writing, BTC trades at $60,395 reflecting a value achieve of 4.31 % within the final day. Alternatively, the asset’s every day buying and selling quantity is down by 9.35% and valued at $30.5 billion.
Featured picture from Investopedia, chart from Tradingview
