Bitcoin (BTC) New Retail Addresses Hits 352,124, Will Price Breakout?
Highlights
- New Bitcoin retail addresses have returned to April levels
- This is a bullish metric that might suggest a return to positive sentiment
- Bitcoin price remains at a tipping edge with strong support call
There has been a significant surge in the number of Bitcoin (BTC) retail addresses recently, suggesting an encroaching era of positive sentiment.
New Retail Address Surge Amid Bitcoin Price Fluctuations
Top market analyst Ali Martinez highlighted the jump in Bitcoin retail addresses. He noted that the new addresses reached 352,124, marking the highest level that the network has seen since April.
The latest development suggests that investors may be making a major comeback to Bitcoin. It also coincide with the period that BTC price is struggling to stay above the $61,000 support zone. Even at this price level, many experts still believe that the coin will face more volatility in the short-term.
Retail #Bitcoin investors are making a comeback! The number of new $BTC addresses on the network surged to 352,124, marking the highest level since April. pic.twitter.com/GFOHnsokz0
— Ali (@ali_charts) June 29, 2024
The Bitcoin taker buy/sell ratio confirms that several investors are currently “buying the dip” as suggested by Robert Kiyosaki.
At the time of this writing, Bitcoin was trading at $60,881.88 after gaining 0.5% in 24 hours. A few crypto enthusiasts believe that the coin is on a bullish reversal course. However, Mike McGlone, a well-known Bloomberg analyst, shared his thoughts on Bitcoin’s performance and possible future trends. In his opinion, Bitcoin’s current strong position at a critical level does not guarantee that the coming days will be better.
Rather, McGlone hinted at the possibility of bull run risks of normalization and deflation in the coming months.
Bitcoin Price May Plunge to $50K
Also, a renowned cryptocurrency firm QCP Capital shared insights on the potential future moves of the BTC price. The firm highlighted the potential factors that could pull down Bitcoin to as low as $50,000.
One of these factors is the massive Mt.Gox payout that is scheduled to commence on July 1. The market is likely to witness a heightened volatile scenario with robust supply influx from the Bitcoin distribution from the defunct cryptocurrency exchange. This in addition to the BTC that different authorities including the U.S. government and German government are equally releasing into exchanges.
10X Research, a popular on-chain analytics firm, recently issued a warning regarding Bitcoin’s precarious position, another factor that suggest further plunge for Bitcoin price. Investors are overtly anxious over a potential “double top” formation, a chart pattern that often signals an impending significant price drop. The firm believes that BTC could test lower levels, even as low as $45,000.
Amongst these bearish metrics, QCP Capital sees Bitcoin finding strong support at the low level of $50,000.
Read More: Bitcoin Price Analysis: Does a 30% Fear & Greed Index Signals Bottom
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