Amid the bearish impression circling the cryptocurrency market lately, a prominent crypto analyst has revealed a recent trend for Bitcoin (BTC), which will help bolster the continuation of its price rally.
What Bitcoin Needs To Sustain And Expand Its Rally
A cryptocurrency analyst known as Ali recently shared this crucial information with the entire cryptocurrency community on December 18, 2023. The analyst took to X (formerly Twitter) to highlight what Bitcoin needs to maintain its upward trajectory.
Ali said the crypto asset experienced a dip in network growth over the past month, which raised concerns about the stability of BTC’s recent price move to $44,000.
He added that creating new Bitcoin addresses must expand to guarantee a robust continuation of its rally. This will provide the much-needed support for the crypto asset to maintain its bullish momentum.
The post read:
There’s been a noticeable dip in #Bitcoin network growth over the past month, casting doubt on the sustainability of $BTC’s recent move to $44,000. For a robust continuation of the bull rally, it’s crucial to see an uptick in the number of new $BTC addresses. This would provide the needed support for sustained bullish momentum.
BTC needs further investor and institutional support to sustain its rally. A chart accompanied the crypto analyst’s X post to support his projection further.
This prediction means further corrections may be a scenario for the digital asset. This is because of the discrepancy between the creation of new addresses and the current price increase of Bitcoin.
Nonetheless, approving a Bitcoin Spot exchange-traded fund (ETF) in the US might create an avenue for more institutional investment, thereby reversing this trend.
As of the time of writing, BTC was trading at $40,980, indicating a decrease of over 2% in the past 24 hours. According to CoinMarketCap, its market capitalization decreased by the same percentage in the past 24 hours.
Digital asset prices have increased by 146% in the last year, demonstrating amazing growth throughout this timeframe. Its performance over the same year exceeded 73% of the leading 100 crypto assets, putting it among the top performers.
The Crypto Asset Fell Below Its Crucial Supply Area
Ali has also shared another post on X showing that Bitcoin has witnessed a dip below its key supply zone. The…
Click Here to Read the Full Original Article at NewsBTC…
