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The Bull is Coming in Bitcoin! Onchain Analysis! Bitcoin, the world’s leading cryptocurrency, is giving rise to signals reminiscent of the bottom point in 2019. From April 2023, both “active addresses,” the number of users sending or receiving Bitcoin, and the “total transaction number” are constantly increasing, following a similar pattern observed at the lowest level of the 2019 bear market.
This increase in activity shows growing confidence among investors, who are increasingly using Bitcoin for more transactions and holding it as a long-term asset. This is also consistent with the continuous increase in Bitcoin’s hash rate, a metric that measures the computing power of miners dedicated to securing the network and processing transactions.
The Bull is Coming in Bitcoin
The rising hash rate indicates that miners, who are increasingly bullish about the medium- to long-term expectations of the cryptocurrency, trust in the future increase in Bitcoin’s value for profitability. By investing significant resources to ensure and expand the network’s security, they are revealing their beliefs that the price of Bitcoin will continue to rise in the coming months and years.
These combined factors – increasing active addresses, transaction numbers, and hash rates—are painting an attractive picture of a maturing Bitcoin market. Investors are showing an active interest in the network, rather than just speculating on short-term price movements. Miners, on the other hand, are placing big bets on Bitcoin’s long-term potential, allocating significant resources to secure and expand the network.
While past performance is not a guarantee of the future, the 2019 bottom comparison provides an exciting idea of what could happen for Bitcoin. If history repeats itself, the current increase in activity and miner confidence could herald the start of a long-term rally that will take Bitcoin to new highs.
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However, it’s important to remember that the cryptocurrency market is naturally volatile. Unexpected events, regulatory changes, or broader economic downturns could significantly impact Bitcoin’s price. Investors should approach the market with caution, conduct comprehensive research, and only allocate capital they are prepared to lose.
Despite the underlying risks, the current bullish signals emanating from Bitcoin’s active addresses, transaction volume, and hash rate are undeniable. They reflect the market spirit witnessed at the 2019 bottom and potentially signal the dawn of a new rally for the world’s leading digital currency.
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