According to a trading guru, bitcoin may have bottomed out as the number of daily BTC addresses explodes.

In particular, prominent crypto trading analyst Ali Martinez said on September 12 that Bitcoin may have bottomed out after seeing that the number of daily new addresses continues to climb, as seen in the 7-day moving average (MA) chart. Martinez made this statement.

“The number of daily new BTC addresses on the network appears to be growing rapidly, with the weekly average hovering around 410,000 addresses. »

Martinez believes that a sustained climb above 415,000 BTC addresses might be needed to validate the bullish predictions.

Daily new Bitcoin addresses. Source: Ali Martinez

In comparison, another trading specialist Altcoin Sherpa is watching closely for signals that could cause bitcoin to pull back, suggesting the bottom may not have been reached after all. grades:

“If you are patient then maybe we will see 20k again. I would look for 20.5k minimum, keeping an eye out for EMAs + lower timeframes. »

Potential bitcoin retracement levels. Source: Alton Sherpa

Sherpa also observed that bitcoin price will be determined by how it closes in the four-hour time frame; if the markers see something positive, the price will most likely rise to over $23,000 with “hurry”. If bitcoin has a bad closing price, he thinks it will probably drop below $20,000.

Potential bitcoin retracement levels. Source: Alton Sherpa

As it stands, bitcoin is trading at $22,180, up 2.55% in the last 24 hours, and 12.18% in the last seven days, with a total market value of $424 billion, according to CoinMarketCap data retrieved by Theinquirer.

Warning : The content of this site should not be considered investment advice. Investing is a speculative activity. When you invest, your capital is at risk.

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