Bitcoin may have been “sideways” all summer, but don’t let that fool you. The bull market is just taking a break. Something interesting can happen at any time. With so many big events coming up, I believe we will see a new bull market between now and mid-November. 🚀
While it is difficult to predict exactly, the market expects Q4 to be a boom time, especially with the halving event.
Bitcoin Network Health
Let's take a look at the key metrics:
Active Addresses Decline: After the first quarter of 2024, the number of active addresses will decline slightly due to the flat price. However, if the price of Bitcoin increases, investors will quickly return.
Addresses With At Least 1 Bitcoin: The number of addresses with 1 BTC or more remained stable throughout the summer. This is a sign that long-term investors are patient, waiting for the right moment.
Bitcoin on Exchanges Unchanged: The amount of Bitcoin on exchanges has remained the same since January 2023. This shows that no one wants to sell at current prices, reinforcing the belief in the potential for price increase.
Hashrate Stabilizes: After a period of strong growth, the hashrate has stabilized. This proves that Bitcoin is still the most powerful computer network in the world.
65% of Bitcoin Hasn't Moved in 12 Months: Although down slightly from 70% at the end of 2023, this number shows that Bitcoin supply is very scarce. With just a little interest from investors, the price could explode.
Why is Halving Important?
The halving event will reduce the reward for miners in half, reducing the supply of new Bitcoin. History has shown that each time a halving occurs, Bitcoin prices usually increase sharply due to scarcity.
Conclusion: Don't Miss Your Chance
Bitcoin may have been quiet over the summer, but its 2024 performance is still impressive. Holders are patient. With just a little more investor interest, we could see the market enter a stronger bull run.
