Written by 8:52 am Bitcoin

Bitcoin ‘bottom could be in’ as number of daily BTC addresses surge, says trading guru

Bitcoin 'bottom could be in' as number of daily BTC addresses surge, says trading guru

On Monday, September 12, Bitcoin (BTC) climbed over $22,000, signaling what looks to be a steady change in sentiment inside the cryptocurrency market. Many experts in the sector are beginning to wonder whether or not Bitcoin has reached the bottom due to the recent increase.

In particular, prominent crypto trading analyst Ali Martinez said on September 12 that the ‘bottom could be in’ for Bitcoin after seeing that the number of new daily addresses continues to climb, as seen in the 7-day Moving Average (MA) chart. Martinez made this statement.

“The number of new daily BTC addresses on the network appears to be increasing rapidly, with the weekly average hovering around 410,000 addresses.”

Martinez believes a sustained climb over 415,000 BTC addresses may be required to validate the optimistic forecast.

Bitcoin new daily addresses. Source: Ali Martinez

In comparison, another trading specialist Altcoin Sherpa is keeping a close eye on signals which could see Bitcoin retracing suggesting the bottom may not be in after all; Sherpa notes:

“If you’re patient then maybe we’ll see 20k again. I would look for 20.5k at a minimum, keeping a close eye on EMAs + lower time frames.”

Bitcoin potential retracement levels. Source: Alton Sherpa

Sherpa also observed that the price of Bitcoin will be determined by how it closes in the four-hour time frame; if the markers see anything positive, the price will most likely increase to above $23,000 with ‘haste.’ If Bitcoin has a poor closing price, he believes it will probably go below $20,000.

Bitcoin potential retracement levels. Source: Alton Sherpa

As things stand, Bitcoin is currently trading at $22,180, up 2.55% in the last 24 hours, and a further 12.18% in the previous seven days, with a total market worth of $424 billion, according to CoinMarketCap data retrieved by Finbold.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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