Bitcoin (BTC) Showing Signs Of Power By Popular Name!
Hans Hauge, head of quantitative strategy at crypto asset management firm Ikigai Fund, published a Coin Metrics chart highlighting the steady increase in the number of BTC active addresses over the years.
Hauge, who made statements on the subject, used the following statements:
“Bitcoin doesn’t have to be complicated. Supply is limited and the number of users has been growing exponentially all this time. ”
As you know, analysts use the active addresses metric to measure the rate of adoption of a crypto asset. Metric refers to the number of unique addresses active on the network as the sender or receiver of the cryptocurrency.
On September 25, the number of BTC active addresses jumped to 1.14 million, the highest level since the 2017 bull market. The growth in user activity is occurring as Bitcoin bulls continue to trade around a key level. In short, such a situation may indicate that Bitcoin is getting stronger.
Resistance Turns into Support
As the bears are on the verge of closing above $ 10,500, crypto strategist and trader Bitcoin Jack stated that BTC had turned the previous resistance into support.
While BTC is trending upward in the long-term time frame, some analysts believe Bitcoin will go one step further down in the short term.
In a new video, trader Michaël van de Poppe (Crypto Michael) told his 78,000 followers that the number one cryptocurrency would likely violate the $ 10k support in the near term. Crypto Michael used the following statements:
“Now that we are making lower highs and lower lows, it is very likely that we will break this low after this build, and then we will approach $ 9,600 in the markets to confirm the end of this correction.”