Bitcoin, with its stellar price momentum, has taken the cryptocurrency world by storm. BTC has recently touched the $69K mark, proving its robust might and mettle. The asset is projecting a powerful price ascent, compelling several analysts to forecast and predict its future price trajectory, as well as predict a new cryptocurrency bull market run.
CryptoQuant’s analyst Dan has come up with a logical explanation, claiming that the peak bull market is yet to arrive. The analyst’s reasoning is based on the Bitcoin active address index claiming that the peak bull market momentum is still imminent.
Also Read: Bitcoin March Madness: Brace for Price Surges and Dips
Analyst Forecasts Continued Market Bull Run
A prominent crypto analyst, Dan of CryptoQuant, has shared his latest reasoning on why we are yet to experience the full flavor of the cryptocurrency market bull run.
It’s Not Yet the Peak of the Bull Market
“The number of active addresses rises twice in a cycle, first when a bear market ends and start bull market, and secondly when the market reaches near the peak of the bull market.” – By @DanCoinInvestor
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— CryptoQuant.com (@cryptoquant_com) March 7, 2024
Dan reiterated how Bitcoin active addresses play a crucial role in determining the pace of peak bull cycle momentum.
“The number of Bitcoin active addresses is an indicator of how many wallets are actively trading. In other words, whether there will be an increase in new investors can be predicted through this indicator.” The analyst noted.
Dan was quick to accentuate other important insights. The analyst claimed that the number of active Bitcoin addresses rises twice in a cycle, signaling strategic graphical planning at play.
Also Read: BlackRock Files To Purchase Bitcoin ETFs for Global Allocation Fund
“The number of active addresses rises twice in a cycle, first when a bear market ends and starts a bull market. Secondly when the market reaches near the peak of the bull market.”
Dan later explained how the first BTC active address indicator was up in 2023, ticking the first condition off.
“Currently, we can be considered to be in the middle of a bull market.”
Dan’s explanation simplifies how the Bitcoin and crypto market bull phase is still pretty nascent and is poised to gain further momentum.
“Eventually, the crypto market will reach the end of the bull market. It will happen when the number of active addresses rapidly increases and reaches near the overheating zone.”
Bitcoin to cross $70K?
Bitcoin, with its meteoric rise, has compelled analysts and investors to project different price valuations for the crypto to breach.
While analysts are cooking up theories on how Bitcoin can breach $70K easily, Robert Kiyosaki, on the other hand, thinks BTC can easily break the $300,000 threshold.
