The downtrend in the number of daily active Bitcoin addresses that started on March 5 has finally been broken! In the last 24 hours, a staggering 765,480 BTC addresses were active, signaling a positive outlook for the continuation of the Bitcoin bull run, as noted by Ali Martinez, a technical and on-chain analyst.
Crypto exchange Bitfinex analysts are anticipating the peak of the ongoing Bitcoin bull market cycle to occur in Q4 2024. Their prediction is based on historical data showing that following a Bitcoin halving event, a new all-time high is typically achieved several months later. With the halving event slated for 2024, analysts are eyeing Q4 of the same year for the market top.
Bitfinex analysts have also highlighted a key ratio that historically indicates the market peak for Bitcoin when it exceeds 3.2. They argue that the current ratio is still below this threshold, leaving room for further growth in Bitcoin. Recent increases in active Bitcoin addresses and optimistic price forecasts from analysts suggest that Bitcoin is on a steady path of growth, captivating the attention of many as they delve deeper into the world of cryptocurrency.
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#BTC #bitcoin #cryptocurrency #Bitfinex #marketanalysis #growth #Q42024 #halvingevent