Bitcoin (BTC) New Retail Addresses Reached 352,124
There has been a significant increase in the number of Bitcoin (BTC) retail addresses recently, indicating a period of approaching positive sentiment.
Increase in New Retail Address Amid Bitcoin Price Fluctuations
Leading market analyst Ali Martinez noted the surge in Bitcoin retail addresses, noting that the number of new addresses reached 352,124, marking the network’s highest level since April.
The latest development shows that investors could make a big return to Bitcoin. This also coincides with the period when BTC price is struggling to stay above the $61,000 support zone. Even at this price level, many experts believe that the coin will face more volatility in the short term.
The Bitcoin buyer call/ask ratio confirms that many investors are currently “buying the dip,” as Robert Kiyosaki suggests.
At the time of writing, Bitcoin was trading at $60,881.88 after gaining 0.5% in 24 hours. Several crypto enthusiasts believe that the coin is entering a bullish trend. However, Mike McGlone, one of Bloomberg’s well-known analysts, shared his thoughts on Bitcoin’s performance and possible future trends. According to him, Bitcoin’s current strong position at the critical level does not guarantee that the coming days will be better.
Instead, McGlone hinted at the possibility of a bull run of normalization and deflation risks in the coming months.
Bitcoin Price May Drop to $50 Thousand
Additionally, the famous cryptocurrency company QCP Capital shared its predictions on potential future movements of the BTC price. The firm highlighted potential factors that could push Bitcoin down to $50,000.
One of those factors is the massive Mt.Gox payout scheduled to begin July 1. The market is likely to witness an increasingly volatile scenario with strong supply inflow from Bitcoin distribution from the defunct cryptocurrency exchange. This is in addition to BTC that different authorities, including the US government and the German government, have released equally to exchanges.
10X Research, a popular on-chain analytics firm, recently issued a warning about Bitcoin’s volatile position, another factor that suggests the price of Bitcoin is heading lower. Traders are extremely concerned about the potential formation of a “double top,” a chart pattern that often signals that a significant price drop is imminent. The firm believes that BTC could even test lows as low as $45,000.
Amid these bearish readings, QCP Capital believes that Bitcoin has found strong support at the low $50,000 level.
Read More: Bitcoin Price Analysis: 30% Fear & Greed Index Signals Bottom?
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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