We analyzed user engagement and Bitcoin network growth to determine its future price
I studied IntoTheBlock data to analyze user engagement in the Bitcoin network. In particular, the following metrics were considered:
Active Addresses: The number of existing users transacting on the network.
New Addresses: The number of addresses completing their first transaction.
Addresses with zero balance.
At the time of publication, active Bitcoin addresses were up 6.47% over the past seven days. Addresses with zero balances jumped 22%, while new addresses remained almost the same. This may indicate stagnation of interest in Bitcoin among new users.
Bitcoin price could fall to $56,000. While this may not happen in the short term, the charts show BTC dropping to around $62,000.
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