What Bitcoin Needs to Sustain and Expand Its Rally
A prominent crypto analyst named Ali recently shared crucial information about Bitcoin’s price rally. According to Ali, Bitcoin experienced a dip in network growth, which raised concerns about the stability of its recent price move. To ensure the continuation of its rally, Bitcoin needs to see an increase in the creation of new addresses. This will provide the necessary support for sustained bullish momentum.
Further investor and institutional support is also crucial for Bitcoin’s rally. Ali’s post was accompanied by a chart that supported his projection.
The Crypto Asset Fell Below Its Crucial Supply Area
In another post, Ali revealed that Bitcoin has fallen below its key supply zone ranging from $41,200 to $42,400. This decline may cause holders in this region to sell the token to minimize losses. Ali also highlighted a potential decline to the next demand zone ranging from $37,500 to $38,700.
Hot Take: Bitcoin’s Rally Relies on New Addresses and Institutional Support
To sustain and expand its rally, Bitcoin needs to see an uptick in the creation of new addresses. The recent dip in network growth has raised concerns about the stability of its price move. Additionally, further investor and institutional support are crucial for Bitcoin’s continued bullish momentum. While there may be corrections along the way, approving a Bitcoin Spot ETF in the US could reverse this trend and attract more institutional investment. As of now, Bitcoin is trading at $40,980 with a decrease of over 2% in the past 24 hours.
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