The downtrend in daily active Bitcoin addresses, which started on March 5, has finally been broken! Over the past 24 hours, a staggering 765,480 BTC addresses were active. This surge in network activity is a promising indicator that the Bitcoin bull run will persist, as noted by Ali Martinez, a skilled technical and on-chain analyst.
According to analysts at Bitfinex, the peak of the ongoing Bitcoin bull market cycle is expected to occur in Q4 of 2024. Their prediction is based on historical data showing that after a Bitcoin halving event, a new all-time high is typically achieved several months later. With the halving event scheduled for 2024, analysts anticipate the market peak to be around the same time.
Bitfinex analysts also emphasize that Bitcoin tends to reach its market peak when a specific ratio surpasses 3.2. Despite the current ratio falling short of this mark, enthusiasts argue that there is still ample room for Bitcoin to grow and hit its all-time high.
Recent increases in active Bitcoin addresses and optimistic price forecasts from analysts indicate that Bitcoin is on a positive trajectory. As the cryptocurrency market continues to evolve, there is a growing interest in understanding and navigating this complex landscape.
Tags: BTC, Bitcoin, cryptocurrency, bull run, market peak, Bitfinex, analysis, growth, halving event, active addresses, price prediction.