Number of Active Bitcoin Addresses Could Indicate $14.7K Price Rise
A key on-chain metric that Bloomberg bets on, points to a Bitcoin bull run with possible 50% price appreciation.
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June 11, the number of active Bitcoin (BTC) addresses hit 1,040,244. This is the highest number in two and a half years. Many analysts believe there may be a correlation between this metric and the market’s overall price.
Number of Active Bitcoin Addresses. Source: Glassnode.
Bloomberg bets on it
Bloomberg, in its latest crypto report stated that the number of active Bitcoin addresses is a historically significant bullish indicator:
“The highest level of active addresses in about two years favors a higher Bitcoin price, if history is a guide.”
