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BitcoinBitcoin Address Activity Surges Suggesting Potential Continuation of Bull Run

Bitcoin Address Activity Surges Suggesting Potential Continuation of Bull Run

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The downtrend in daily active Bitcoin addresses, which began on March 5, has finally been broken! In the last 24 hours, a whopping 765,480 BTC addresses were active. This surge in network activity is a promising indication that the Bitcoin bull run will continue, according to Ali Martinez, a technical and on-chain analyst.

The anticipated peak for Bitcoin in Q4 2024 has been projected by analysts at crypto exchange Bitfinex. They base their prediction on historical data, suggesting that after the Bitcoin halving event, a new all-time high is typically achieved several months later. With the halving event scheduled for 2024, analysts expect the market to reach its peak around Q4 of the same year.

Bitfinex analysts have also highlighted a key ratio that historically signals Bitcoin’s market peak when it exceeds 3.2. However, enthusiasts argue that the ratio has not yet reached a level indicative of hitting an all-time high, leaving room for further growth.

Recent increases in active Bitcoin addresses and bullish price forecasts from analysts indicate that Bitcoin is thriving and evolving. As the cryptocurrency market continues to evolve, people are closely monitoring these developments, striving to gain a deeper understanding of the world of digital currency.

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