Bitcoin (BTC) New Retail Addresses Hits 352,124, Will Price Breakout?

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As an experienced financial analyst, I find the recent surge in new Bitcoin retail addresses a promising sign for the world’s leading cryptocurrency. The number of new addresses reaching 352,124, the highest level since April, indicates that investors are making a comeback to Bitcoin, despite its current price fluctuations.

I’ve noticed a noteworthy increase in the count of Bitcoin retail addresses lately, which could be indicative of an approaching period of optimistic market sentiment.

New Retail Address Surge Amid Bitcoin Price Fluctuations 

Market analysis expert Ali Martinez drew attention to the surge in the number of Bitcoin user accounts. He reported that this figure had risen to 352,124, which represents a new peak for the Bitcoin network since late April.

Recent advancements indicate a potential resurgence of investor interest in Bitcoin. Simultaneously, the cryptocurrency’s price has been having difficulty holding above the $61,000 support threshold. Despite this price point, some industry professionals predict further market fluctuations for Bitcoin in the near future.

Bitcoin investment in retail sector is experiencing a resurgence! A record-breaking 352,124 new Bitcoin addresses have emerged on the network, representing the largest number since April.

— Ali (@ali_charts) June 29, 2024

As a crypto investor, I’ve noticed an intriguing trend in the Bitcoin market based on the buy/sell ratio of takers. It seems that numerous investors are actively purchasing Bitcoin during dips, as Robert Kiyosaki suggested. This behavior is confirmed by the data.

Currently, Bitcoin is priced at $60,881.88 following a 0.5% increase in the last 24 hours. Some crypto supporters are optimistic about its bullish reversal. Nevertheless, Mike McGlone, a renowned Bloomberg analyst, expressed caution. He asserts that Bitcoin’s present solid footing at a significant juncture does not automatically imply an upward trend in the upcoming days.

As a researcher, I’d like to share an intriguing perspective from McGlone. He has raised the concern that the current market conditions could potentially lead to bull run risks, specifically in the areas of normalization and deflation, within the next few months.

Bitcoin Price May Plunge to $50K

Additionally, QCP Capital, a well-known cryptocurrency company, provided analyses on possible next steps for Bitcoin’s value. They identified certain elements that might cause Bitcoin’s price to drop to approximately $50,000.

As an analyst, I would express it this way: Starting July 1, a significant amount of Bitcoins is set to be distributed from the defunct Mt.Gox exchange in a payout. This event, combined with the Bitcoin supply entering the market from various regulatory bodies such as the US and German governments, could lead to increased volatility in the cryptocurrency market due to the substantial influx of new coins.

10X Research, a well-known on-chain analysis company, has issued a cautionary note about Bitcoin’s unstable condition, which is another sign of potential further decreases in Bitcoin’s price. Many investors are worried about the possibility of a “double top” formation in Bitcoin’s chart, a pattern that frequently indicates an upcoming substantial price decline. According to 10X Research, Bitcoin could dip down to levels as low as $45,000.

Among these bearish indicators, QCP Capital identifies Bitcoin experiencing significant backing at the relatively low price point of $50,000.

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2024-06-29 19:45