Bitcoin Nears Critical Address Threshold With Bull Run In Sight

According
to
data
from
CoinMarketCap,
Bitcoin
(BTC)
appears
to
have
finally
found
some
stability
in
September,
recording
a
price
gain
of
nearly
13%
in
the
last
week.
Interestingly,
crypto
analyst
Burak
Kesmeci
has
unveiled
a
certain
condition
behind
this
price
rise
which
could
prove
vital
in
initiating
a
market
bull
run.

Bitcoin
Bulls
Dominance
Strengthens,
Network
Address
Nears
350,000
Level

On
Friday,
Kesmeci
shared
via
an
X
post
detailing
how
the
number
of
new
Bitcoin
addresses
per
day
is
a
strong
indicator
of
price
movement.
With
respect
to
recent
price
gain,
the
analyst
noted
that
new
Bitcoin
addresses
have
been
on
the
rise
reaching
330,000
with
a
potential
of
touching
the
critical
threshold
of
350,000. 

Kesmeci
explains
the
pivotal
status
of
350,000
stating
that
whenever
the
number
of
new
Bitcoin
addresses
moves
above
this
level,
it
indicates
that
bulls
are
gaining
market
influence
and
the
price
trajectory
is
upward. 

Alternatively,
when
new
BTC
addresses
fall
below
this
threshold,
it
could
represent
a
price
correction
or
the
beginning
of
a
bearish
season. 

For
the
latter
case,
the
crypto
analyst
explains
that
a
straight
decline
in
new
BTC
addresses
to
below
250,000
would
result
in
a
full-fledged
bearish
market
as
previously
seen
on
three
occasions
in
the
last
six
years
i.e.
from
$19,000
to
$6,000
in
2018,
from
$64,000
to
$30,000
in
2021,
and
from
a
record
$74,000
to
$49,000
in
2024.

However,
the
recent
rise
in
new
Bitcoin
addresses
which
had
dipped
below
200,000
to
above
300,
000
has
been
largely
impressive.
Kesmeci
postulates
that
if
this
metric
reaches
above
350,000,
especially
following
the
US
Federal
Reserve
meeting
next
week,
BTC
investors
could
be
in
for
a
“delicious”
period.

Related
Reading:
Bitcoin
Recovers
After
CPI
Data
Drop,
But
Is
It
Sustainable?

BTC
Spot
ETF
To
Threaten
Network
Growth?

The
Bitcoin
spot
ETF
market
is
one
of
the
most
exciting
crypto
developments
in
2024.
It
is
widely
believed
that
these
exchanged-traded
products
will
drive
Institutional
demand
for
Bitcoin
in
the
long
run.
While
such
notions
may
be
true,
Kesmeci
has
expressed
concerns
about
these
ETFs
hampering
network
growth. 

This
is
because
a
single
ETF
could
hold
BTC
for
several
investors
who
would
have
created
individual
network
addresses
if
they
invested
in
Bitcoin
directly.
Therefore,
there
is
a
need
for
constant
new
waves
of
retail
investors
even
in
the
advent
of
ETF-driven
price
growth.

At
the
time
of
writing,
BTC
trades
at
$60,395
reflecting
a
price
gain
of
4.31
%
in
the
last
day.
Alternatively,
the
asset’s
daily
trading
volume
is
down
by
9.35%
and
valued
at
$30.5
billion.

Featured
image
from
Investopedia,
chart
from
Tradingview