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Bitcoin bull run is brewing

2020.06.18

As Josh Olszewicz stated yesterday via Twitter, the number of weekly active addresses in the network has risen to a nine-month high. With a current value of about 832,00 active addresses, Bitcoin exceeded the annual high of about 793,000 active addresses. In addition, a further increase towards the level of the end of June 2019 seems possible, as the Bitcoin price reached USD 13,000 and recorded 935,000 active addresses in one week. The metric is of particular interest because earlier moves in the metric coincided with the start of the bull runs.

At the time of writing, the BTC price was stuck at around 7,180 USD. As CNF reported yesterday, Bitcoin is now targeting the extremely important $7,400 to $7,470 zone. If this resistance is breached, a rise to 8,000 USD seems possible again.

This thesis is also supported by the current data available. As Josh Olszewicz stated yesterday via Twitter, the number of weekly active addresses in the network has risen to a nine-month high. With a current value of about 832,00 active addresses, Bitcoin exceeded the annual high of about 793,000 active addresses. In addition, a further increase towards the level of the end of June 2019 seems possible, as the Bitcoin price reached USD 13,000 and recorded 935,000 active addresses in one week. The metric is of particular interest because earlier moves in the metric coincided with the start of the bull runs.

Author : Jake Simmons