Bitcoin Indicators On-Chain continue to show bullish signs that a parabolic breakout is imminent for the flagship cryptocurrency. The latest of these indicators represent a significant change Bitcoin network activities that could additionally provide Bullish momentum for a cryptographic token.
Bitcoin is seeing an boost in network activity
Cryptocurrency analyst Ali Martinez revealed on X (formerly Twitter) post that the number of daily Bitcoin addresses has broken the downward trend that began on March 5. He added that 756,480 Bitcoin addresses were energetic in the last 24 hours. Martinez said this development is a “positive sign.” Bitcoin bull run will be continued.
Indeed, this development could trigger a run on Bitcoin as it suggests more users are returning to ecosystem. This can have a positive impact Bitcoin price as they continue to trade the flagship cryptocurrency. Meanwhile, the boost in daily energetic addresses adds to a growing list of bullish signals for Bitcoin.
Another bullish signal is a decline Bitcoin supply on exchanges, which recently dropped to recent lows. This positive development suggests that Bitcoin investors are holding the currency for the long term rather than looking to shed their holdings in the near future, which could boost selling pressure on the flagship cryptocurrency.
The decline in Bitcoin supply on exchanges continued last week for Martinez revealing of which almost 22,647 BTC ($1.57 billion) was withdrawn. cryptocurrency exchanges last week. Meanwhile, a cryptocurrency analyst mentioned that the bid and sell ratio of Bitcoin Taker on the HTX cryptocurrency exchange has increased to 730.
This boost in the buy-ask rate means that more and more investors are accumulating the flagship cryptocurrency at an impressive rate. Martinez noted that this “tremendous buying pressure is overwhelming the bullish sentiment” ia mighty upward trend may be on the horizon for Bitcoin. This buying pressure can undoubtedly affect the price of Bitcoin, especially if the selling pressure is low.
Bitcoin’s current and future prospects
Martinez also provided insight into Bitcoin’s current and future prospects in a series of posts on its X platform. In one posthe noticed it Bitcoin price is currently in a mighty support zone between $69,380 and $67,350, where 1.97 million addresses have acquired 964,000 BTC. He added that Bitcoin needs to stay above this level to sustain it Bullish momentum.
Meanwhile, a cryptocurrency analyst provided insight into how high Bitcoin could go in its next rally if it manages to maintain this bullish momentum. He said another local peak for Bitcoin it could be around $89,200. Bitcoin is still expected to rise higher than it was at some point in the bull market as cryptocurrency analysts like Tarekonchain provide that it is very likely that the flagship cryptocurrency will rise above $100,000 before reaching its market peak.
Featured image created with Dall.E, chart from Tradingview.com
