Rally

Bitcoin

Momentum

Amid the bearish impression circling the cryptocurrency market lately, a prominent crypto analyst has revealed a recent trend for <a href="https://www.newsbtc.com/news/bitcoin/massive-bitcoin-options-expiry-imminent-btc-inflows-spike/" target="_blank" rel="noopener ">Bitcoin (BTC)</a>, which will help bolster the continuation of its price rally. 
<h2 id="what-bitcoin-needs-to-sustain-and-expand-its-rally">What Bitcoin Needs To Sustain And Expand Its Rally</h2> 
A cryptocurrency analyst known as Ali recently <a href="https://x.com/ali_charts/status/1736637268608106933?s=20" target="_blank" rel="noopener nofollow">shared</a> 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.&nbsp; 
The post read: 
<blockquote>
 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.
</blockquote> 
BTC needs further<a href="https://www.newsbtc.com/news/company/blackrocks-imminent-approval-of-bitcoin-etf-makes-traders-accumulate-these-3-altcoins-ahead-of-market-rally/" target="_blank" rel="noopener "> investor</a> and institutional support to sustain its rally. A chart accompanied the crypto analyst’s X post to support his projection further. 
<img loading="lazy" decoding="async" class="wp-image-565872 size-large" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-number-of-addresses.jpg?w=860&amp;resize=860%2C484" alt="Bitcoin " width="860" height="484" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-number-of-addresses.jpg?w=1800 1800w, https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-number-of-addresses.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-number-of-addresses.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-number-of-addresses.jpg?w=860&amp;resize=860%2C484 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-number-of-addresses.jpg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-number-of-addresses.jpg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-number-of-addresses.jpg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
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 href="https://www.newsbtc.com/news/bitcoin/bitcoin-spot-etf-300-surge/" target="_blank" rel="noopener ">a Bitcoin Spot </a>exchange-traded fund (ETF) in the US might create an&nbsp;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. 
<h2 id="the-crypto-asset-fell-below-its-crucial-supply-area">The Crypto Asset Fell Below Its Crucial Supply Area</h2> 
Ali has also <a href="https://x.com/ali_charts/status/1736680326141816895?s=20" target="_blank" rel="noopener nofollow">shared</a> another post on X showing that Bitcoin has witnessed a dip below its key supply zone. The analyst pointed out that the zone ranges from $41,200 to $42,400, of which the asset has recently fallen below this range. 
He added that 1.87 million addresses in this region have accumulated about 730,000 BTC. With&nbsp;this decline, these holders may sell the token to reduce losses. 
<img loading="lazy" decoding="async" class="wp-image-565871 size-large" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-Addresses.jpg?w=860&amp;resize=860%2C314" alt="Bitcoin" width="860" height="314" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-Addresses.jpg?w=2340 2340w, https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-Addresses.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-Addresses.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-Addresses.jpg?w=860&amp;resize=860%2C314 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-Addresses.jpg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-Addresses.jpg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-Addresses.jpg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Crypto-Ali-chart-on-Bitcoin-Addresses.jpg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
The crypto analyst also highlighted a potential decline to the next demand zone ranging from $37,500 to $38,700. Meanwhile, about 1,28 million addresses in this region have accumulated 553,000 BTC tokens. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/IRtGh0Ko/" alt="Bitcoin " width="2273" height="1351">

Key Factors That Bitcoin Needs To Keep Bullish Momentum

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