Bitcoin’s ‘bottom might be close’ as daily BTC addresses rise, warns trading expert
Bitcoin (BTC) surpassed $22,000 on September 12, suggesting what seems to be a gradual shift in mood within the cryptocurrency market. Due to the recent surge, many industry professionals are starting to question whether or not Bitcoin has hit its lowest point.
Specifically, popular crypto trading expert Ali Martinez said on September 12 that Bitcoin’s ‘bottom may be in’ after seeing that the number of new daily addresses continues to rise, as shown by the 7-day Moving Average (MA) chart. Martinez said the following. The average weekly number of new BTC addresses is around 410,000.0.
Martinez feels that a continuous increase exceeding 415 000 BTC addresses may be necessary to verify the bullish estimate.
In contrast, another trade professional, Altcoin Sherpa, is keeping a careful watch on indications that Bitcoin may retrace, signalling that the bottom may not have been reached after all.
Sherpa also said that the price of Bitcoin will be decided by how it closes in the four-hour time period; if the markers see anything good, the price will likely grow rapidly to above $23,000. If Bitcoin has a bad closing price, he thinks it will most likely drop below $20,000 in the near future.
According to CoinMarketCap statistics obtained by Finbold, Bitcoin is presently trading at $22,180, an increase of 2.55% over the last 24 hours and 12.18% over the preceding seven days, with a total market cap of $424 billion.