The Bitcoin on-chain statistics continue to show bullish signs that a parabolic breakout is imminent for the flagship crypto. The latest of these statistics marks a major sea change in the industry Bitcoin’s network activity, which could provide further concern bullish momentum for the crypto token.
Bitcoin is seeing a rise in network activity
Crypto analyst Ali Martinez revealed in an X (formerly Twitter) after that the number of daily Bitcoin addresses has broken a downward trend that started on March 5. He added that 756,480 Bitcoin addresses have been active in the past 24 hours. Martinez claimed that this development is a “positive sign.” Bitcoin’s bull run to be continued.
Related reading
This development could indeed trigger a run for Bitcoin as it suggests more users are returning to the Bitcoin market ecosystem. This could have a positive impact Bitcoin’s price while continuing to trade the flagship crypto. Meanwhile, the rise in the number of daily active addresses adds to a growing list of bullish signals for Bitcoin.
Another bullish signal is the decline of The supply of Bitcoin on exchanges, which recently fell to new lows. This positive development suggests that Bitcoin investors are holding on for the long term rather than looking to offload their holdings anytime soon, which could put significant selling pressure on the flagship crypto.
This decline in Bitcoin supply on the exchanges continued last week, with Martinez revealing from which almost 22,647 BTC ($1.57 billion) was withdrawn crypto exchanges in the past week. Meanwhile, the crypto analyst said that the Bitcoin Taker Buy Sell Ratio on the HTX crypto exchange has increased to 730.
This increase in the buy-sell ratio means more investors are accumulating the flagship crypto at an impressive pace. Martinez noted that this “tremendous buying pressure overwhelmed bullish sentiment” and a strong upward trend could be on the horizon for Bitcoin. This buying pressure could undoubtedly influence Bitcoin’s price, especially if selling pressure is low.
Bitcoin’s current and future prospects
Martinez has also provided insight into Bitcoin’s current and future prospects in a series of posts on its X platform. In a afterhe noted Bitcoin’s price is currently in a strong support zone between $69,380 and $67,350, where 1.97 million addresses have acquired 964,000 BTC. He added that Bitcoin must remain above this level to sustain it bullish momentum.
Related reading
Meanwhile, the crypto analyst provided insight into how high Bitcoin could rise in the next phase if it manages to maintain this bullish momentum. He said the next local summit as Bitcoin could be around $89,200. Bitcoin is still expected to rise higher at some point in the bull run, crypto analysts like Tarekonchain to predict that it is very likely that the flagship crypto will rise above $100,000 before reaching its market peak.
Featured image created with Dall.E, chart from Tradingview.com