United

Bitcoin ETF

Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Bitcoin (BTC) remains at an inflection point, with the price slipping by 1.18% to $41,148.47 at the time of writing. Despite the consensus among analysts that Bitcoin might be in a bull market cycle, top market expert Ali Martinez has&nbsp;<a href="https://twitter.com/ali_charts/status/1736637268608106933" rel="noopener noreferrer nofollow">uncovered</a> an important network metric that must be closely watched in the drive toward a full-blown bull cycle.
According to Martinez, there has been a "noticeable dip in Bitcoin network growth" over the past month. This, according to him, is casting doubt on the sustainability of Bitcoin’s recent move to $44,000. It is worth noting that Bitcoin soared as high as $44,705.52 on Dec. 8 as the hype surrounding the Bitcoin ETF hit a new high.
There has been a cool-off since then, and with the number of new addresses nosediving, Martinez senses a major hurdle might be ahead in the bid to retest this level.&nbsp;
<blockquote>
 There's been a noticeable dip in <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> network growth over the past month, casting doubt on the sustainability of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>'s recent move to $44,000.For a robust continuation of the bull rally, it's crucial to see an uptick in the number of new <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> addresses. This would provide… <a href="https://t.co/WkrjxLkZMI" rel="noopener noreferrer nofollow">pic.twitter.com/WkrjxLkZMI</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1736637268608106933?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 18, 2023</a>
</blockquote>
He posited that for a "robust continuation of the bull rally, it's crucial to see an uptick in the number of new $BTC addresses." In his assertion, he is optimistic that onboarding new addresses that end up buying BTC may "provide the needed support for sustained bullish momentum."
<h2 id="other-bitcoin-catalysts-to-watch">Other Bitcoin catalysts to watch</h2>
Many metrics within the Bitcoin network are essential to track irrespective of whether analysts&nbsp;<a href="https://u.today/bitcoin-btc-3-silent-network-movers-no-one-pays-attention-to" rel="noopener noreferrer nofollow">pay attention to them or not</a>. Of these, a major catalyst stands out, and that is the race for a Bitcoin spot ETF from the United States Securities and Exchange Commission (SEC).&nbsp;
Should this&nbsp;<a href="https://u.today/bitcoin-etf-approval-almost-here-following-gary-genslers-new-comments" rel="noopener noreferrer nofollow">ETF approval be granted</a>, it can trigger many new buyers and new funds flowing into the Bitcoin ecosystem. This will increase the buying pressure on BTC, eventually driving prices up and solidifying the thesis from Ali Martinez in the long term.
Overall, the incoming&nbsp;<a href="https://u.today/bitcoin-halvings-approximate-date-figured-out-by-glassnode" rel="noopener noreferrer nofollow">Bitcoin halving event</a> may also generate a similar reaction and, hence, is worth keeping an eye on as well.

Crucial Bitcoin (BTC) Metric to Watch in Drive Toward Bull Cycle

Inhoudsopgave

U_Today

Andere artikelen gepubliceerd op 18 dec 2023

Ex-Ethereum developer claims 70% of ETH was pre-mined

Blockstream CEO Adam Back: Bitcoin ETFs Could Propel Price to $100,000

Top Banks Lead the Way in Embracing AI

Shiba Inu Faces Challenger: New Presale Surpasses $1M, Grabbing Investor Interest

Virtual Versions of People Will Replace NPCs in Games Using AI

The 10 Cryptos Ready to Explode in 2024 – Your Must-Buy Guide!

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!