The number of daily active Bitcoin addresses has broken a downtrend that began on March 5. In the past 24 hours, 765,480 Bitcoin addresses were active. This surge in network activity is seen as a positive sign for the continuation of the Bitcoin bull run, according to Ali Martinez, a technical and on-chain analyst.
The number of daily #Bitcoin addresses has broken a downtrend that started on March 5! In the past 24 hours, 765,480 $BTC addresses were active. This surge in network activity is a positive sign that the #BTC bull run will continue. pic.twitter.com/S2Ih2FSrt5
— Ali (@ali_charts) June 9, 2024
Q4 2024 Expected Peak for Bitcoin
Crypto exchange Bitfinex analysts believe that the ongoing Bitcoin bull market cycle will top out in Q4 2024. In addition to this, their prediction is based on the historical data that usually several months after the Bitcoin halving event a new all-time high is reached. The halving event was scheduled for 2024. It led analysts to expect the market top around Q4 of the same year.
Analysts See Room for Bitcoin Growth as Key Ratio Remains Low
Bitfinex analysts also pointed out that Bitcoin historically reaches its market peak when a specific ratio exceeds 3.2. The Bitcoin enthusiasts argue that the ratio is not high enough for *BTC* to have hit its all-time high. They believe that that there is room for further growth.
More recent rises in active Bitcoin addresses and bullish price predictions from some analysts would suggest Bitcoin is experiencing nothing but growth dear to its heart. With the market changing all the time, people are really paying close attention to it. As a result, they try and better understand the world of cryptocurrency.