Bitcoin’s Bull Run at Risk? Analyst Warns As Network Growth Stalls
In the unpredictable world of cryptocurrency, analyst Ali Martinez signals caution about Bitcoin’s recent climb to $44,000. Meanwhile, the analyst noted that the the crucial metric of network growth has hit a slump, prompting concerns about the sustainability of the bullish momentum. Notably, the news comes amid a choppy trading scenario witnessed in the broader crypto market as well as in the Bitcoin price.
Is Bitcoin’s Bull Run Losing Steam?
Amid the recent buzz surrounding Bitcoin’s climb to $44,000, analyst Ali Martinez highlights a potential threat to the cryptocurrency’s bullish trajectory. According to Martinez, there has been a notable dip in Bitcoin network growth over the past month, sparking doubts about the resilience of its recent price surge.
Meanwhile, Martinez emphasizes the significance of monitoring the number of new Bitcoin addresses for a robust continuation of the Bitcoin bull run. In addition, the analyst suggests that an uptick in new addresses is crucial for providing the necessary support to sustain bullish momentum.
Notably, this observation underscores the importance of network growth as a key indicator of Bitcoin’s overall health and its ability to weather market fluctuations.
Also Read: Helium Mobile Price Shoots 100% In A Day, What’s Behind the Rally
Price Dip & Market Sentiment
Adding to the concerns flagged by Martinez is the recent dip in Bitcoin’s price, coinciding with a generally negative sentiment prevailing across the broader crypto market. The convergence of these factors raises questions about the immediate future of Bitcoin and whether the bullish run may be losing steam.
Meanwhile, investors and analysts are closely watching how Bitcoin responds to these challenges, with market dynamics playing a pivotal role in determining the crypto’s next moves. As the cryptocurrency community navigates through these uncertainties, the need for resilience and adaptability becomes paramount.
Notably, the Bitcoin price slumped 1.89% over the last 24 hours to $41,142.67 as of writing, while its trading volume soared 32.52% to $18.95 billion. The loss in the largest crypto by market cap is attributed to the slump in the broader crypto market. As of writing, the global crypto market cap fell 1.59% to $1.56 trillion.
Also Read: Blockchain-Based Private Loan Sees Revival Amid Crypto Turbulence
- First Spot XRP ETF Hits Milestone as CME Flags Institutional Interest
- Can Hype Price Hit $50 After Robinhood Listing?
- XRP News: Ripple Unveils ‘Ripple Prime’ After Closing $1.25B Hidden Road Deal
- Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data
- Crypto.com Joins Ripple in Banking License Bid Amid Industry Push for Market Structure Bill
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
