The Bitcoin on-chain metrics proceed to indicate bullish signs that a parabolic breakout is imminent for the flagship crypto. The newest of those metrics is a major turnaround in Bitcoin’s network activity, which could further provide bullish momentum for the crypto token.
Bitcoin Sees Surge In Network Activity
Crypto analyst Ali Martinez revealed in an X (formerly Twitter) post that the variety of each day Bitcoin addresses had broken a downtrend that began on March 5. He added that 756,480 Bitcoin addresses have been energetic within the last 24 hours. Martinez claimed this development is a “positive sign” that Bitcoin’s bull run will proceed.
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Source: X
Indeed, this development could trigger a run for Bitcoin because it suggests that more users are returning to the ecosystem. This might positively impact Bitcoin’s price as they proceed to trade the flagship crypto. Meanwhile, the surge in each day energetic addresses adds to a growing list of bullish signals for Bitcoin.
One other bullish signal is the decline of Bitcoin’s supply on exchanges, which recently dropped to recent lows. This positive development suggests that Bitcoin investors are holding for the long run slightly than trying to offload their holdings anytime soon, which could add significant selling pressure on the flagship crypto.
This decline in Bitcoin’s supply on exchanges continued last week, with Martinez revealing that nearly 22,647 BTC ($1.57 billion) were withdrawn from crypto exchanges prior to now week. Meanwhile, the crypto analyst mentioned that the Bitcoin Taker Buy Sell Ratio on the HTX crypto exchange has surged to 730.
Source: X
This surge within the buy-sell ratio implies that more investors are accumulating the flagship crypto at a powerful rate. Martinez noted that this “massive buy pressure overwhelming bullish sentiment” and a strong upward trend is likely to be on the horizon for Bitcoin. This buy pressure could undoubtedly impact Bitcoin’s price, especially if the selling pressure is low.
Source: CryptoQuant
Bitcoin’s Current And Future Outlook
Martinez has also provided insights into Bitcoin’s current and future outlook in a series of posts on his X platform. In a single post, he noted that Bitcoin’s price is currently situated in a powerful support zone between $69,380 and $67,350, where 1.97 million addresses acquired 964,000 BTC. He added that Bitcoin must hold above this level to sustain its bullish momentum.
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Source: IntoTheBlock
Meanwhile, the crypto analyst provided insights into how high Bitcoin could rise on its next leg up if it manages to sustain this bullish momentum. He said the next local top for Bitcoin may very well be around $89,200. Bitcoin remains to be expected to rise higher than that in some unspecified time in the future within the bull run since crypto analysts like Tarekonchain predict that it is extremely likely that the flagship crypto will rise above $100,000 before it hits its market peak.
BTC bears push price down | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com