The Bitcoin (BTC) Consolidation
Bitcoin (BTC), the leading digital currency in the crypto industry, is currently experiencing a period of consolidation. It has seen a slight growth of 0.96% to reach $26,534.97. The sustainability of this growth depends on whether market bulls can capitalize on the latest on-chain fundamentals. This includes both new and old participants in the ecosystem.
The Bitcoin (BTC) Records
According to top market analyst @Ali_Charts, the number of addresses joining the Bitcoin network has reached an all-time high (ATH). Crypto analytics platform Glassnode also confirms that there are now 4,486,752 addresses holding at least 0.1 coins.
π #Bitcoin $BTC Number of Addresses Holding 0.1+ Coins just reached an ATH of 4,486,752
View metric: pic.twitter.com/NBAd8ARneX
β glassnode alerts (@glassnodealerts) September 16, 2023
This increase in addresses holding Bitcoin highlights its appeal in a market with numerous alternative coins and investment assets. The recent interest from BlackRock in applying for a spot Bitcoin Exchange Traded Fund (ETF) has also boosted public adoption of the coin.
Analyst Will Clemente of Reflexivity Research points out that Bitcoin has surpassed Visa Inc in terms of daily transaction volume. This indicates that people are actively using Bitcoin for transferring monetary value.
According to Clemente, Bitcoin only needs to surpass the Automated Clearing House (ACH) and the Fedwire payments systems to achieve even greater transaction volumes.
Probable Price Impact
The price of Bitcoin has been consolidating for several weeks and many analysts believe this cycle is about to break. In the past week, Bitcoin has recovered from its losses and grown by 2.47%. However, it continues to face resistance at the $28,000 level.
With these recent milestones and the upcoming halving event, Bitcoin may experience a more significant growth in the short term and potentially surpass its monthly high above $27,430.
Hot Take: The Bullish Outlook for Bitcoin
Bitcoin’s consolidation period, coupled with the increase in network addresses and daily transaction volume, suggests a positive outlook for its future. These milestones demonstrate growing interest and adoption of Bitcoin as a reliable digital currency. With the upcoming halving event and potential market momentum, there is a strong possibility of further price growth in the near term. Investors should closely monitor these developments as they indicate a potential bullish trend for Bitcoin.
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