Jamie Coutts, Real Vision’s chief cryptocurrency analyst says that one of the most important Bitcoin (BTC), metrics is showing a positive signal.
Coutts claims that after an 11-month downtrend, the number of Bitcoin addresses active is on the rise.
Coutts says that the number of Bitcoin addresses active as a predictor tool is “one of most important base-level metrics on the chain.”
Real Vision’s cryptocurrency analyst says Bitcoin may surge between $147.600 and $184.500 in this cycle.
While I expect Bitcoin to reach 2x or 2.5x in this cycle’s all-time peak, an corresponding breakthrough in the number of base chain addresses that are active would validate network valuation.
Bitcoin, after all, is a worldwide monetary network. Demonstrating organic growth in the network and its adoption on all metrics will help ensure that it has a bright future.”
Bitcoin’s price is currently $61,830, down around 16% compared to its all-time highest of $73,800.
Coutts shares also his view on the native Sui token (SUI) of layer-1 (L1) Blockchain. Real Vision analyst, says SUI could keep on rising.
“While Sui can very well improve from here, it’s close to reaching its highest point in history places it among the L1s on this measure.
Underreaction, the anchoring effect, and disposition effects are often attributed by behavioral economists. The term FOMO is a complex concept that comes down to a simple notion: People tend to undervalue the importance of an asset reaching new highs, which leads to heightened price movements as investors flock in .”
Sui has a current trading price of $1.92.
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The post This Post Analyst Jamie Coutts says One Bitcoin Metric is in Bullish Reversal and Predicts BTC will Hit over $140,000 this Cycle may change as new information becomes available.
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