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Increase in active Bitcoin addresses


Last June 11 was an important day for the platform: the number of active Bitcoin (BTC) addresses increased, reaching 1,040,244. Why was it important? Well, many analysts firmly believe that there is a correlation between the number of active addresses and the market price.

This is the highest number recorded since 2018, indicating that, theoretically, thanks to this increase in active addresses, there may also be one in the price of Bitcoin.

Bloomberg supports the possible increase in the price of Bitcoin

Bloomberg analysts pointed out in their latest Bloomberg Crypto report that historically, if active addresses increase, Bitcoin is prone to appreciation. This unless the increase is reversed abruptly.

“The highest level of active addresses in about two years favors a higher price of Bitcoin, if we use history as a guide”Bloomberg explained.

Bitcoin price in relation to the number of active addresses. Source: CoinMetrics
Bitcoin price in relation to the number of active addresses. Source: CoinMetrics

Bloomberg mentions that this trend may mean that the price of Bitcoin will be supported in a range above $ 10,000.

They also report that the cryptocurrency appears to be following the same path as in 2016, just before the unprecedented increase in value in 2017. Its peak reached close to US $ 20,000 per BTC, and Bloomberg believes that this may be repeated or exceeded this year. , and can even go up to US $ 28,000.

Selecting the historical dates on which there were approximately 1,040,244 active Bitcoin addresses and taking an average of the price, the result is a value of approximately US $ 14,700. Of course, there is no exact way to claim that this will happen, but according to Bloomberg and the antecedents, there is a considerable probability in favor.

Last but not least, the increase in active addresses indicates a growing adoption of Bitcoin. This presents an extremely positive development for the platform and its future.

And you, do you think that Bitcoin will reach any of the aforementioned prices? We await your opinion in the comment box.

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