Cryptocurrency

Bloomberg-Analyst: key figures according to Bitcoin should shoot in the direction of $12,000 to Coin Update

The last few weeks for the Bitcoin market is very quiet. The crypto-currency is for two months, in fact, unable to move and is showing no particular Trend.

Nevertheless, Blockchain analysis, the company observed an increase in Bitcoin usage. Santiment writes on 2. July referring to the graphic below:

“Only two days after ETH has the highest network activity since 2018, has also increased the number of daily addresses, which interact with BTC inter yesterday on a 2-year High of 1.07 M! The last Time the daily address activity of BTC was so high, was on 17. January 2018.“

The chart of Santiment (@santimentfeed on Twitter) shows the number of daily active Bitcoin addresses.

That’s not all. An On-Chain-Analyst has also observed that the number of new BTC addresses and the number of transactions to notice are increased values highs.

A Bloomberg-according to analysts, this increase in Bitcoin usage justifies the On-Chain-chain has a higher BTC price.

On-a-Chain-metric points to imminent rally back

On 2. July has released Mike McGlone of Bloomberg Intelligence the latest crypto-Outlook of the company. Under the title “A Resting Bitcoin Bull” holds McGlone at his bullish feeling, which he expressed in these monthly reports since the beginning of 2020.

The core of its upward expectations of the sudden increase in the use of Bitcoin in the Chain.

Referring to similar data, as Santiment submitted, writes McGlone:

“The number of active Bitcoin addresses, which is an important Signal for the price decline in the year 2018 and the rest in the year 2019, on the basis of historical patterns to a value close to $ 12,000 to be expected. The 30-day average of unique addresses of Coinmetrics has exceeded the peak value of the last year, due to a greater acceptance.“

The Analyst added that Bitcoin recovered the last Time this metric has exceeded its highest level, from the “Depths of a bear market”.

With regard to the question of where exactly this Trend, Bitcoin will result suggests McGlone, a movement in the direction of 12.734$:

“If the upward trend reverses abruptly, suggests the story to the fact that Bitcoin could move to this level.”

Other Trends indicate upside potential

The strong On-Chain use of Bitcoin is not the Only, of the McGlone bullishes expected.

The senior commodity analyst at Bloomberg identified the following merging of Trends as signals that indicate that BTC has room for growth:

From a macroeconomic point of view, BTC exceeds the most “highly speculative crypto-systems”.The Bitcoin Futures, the CME continued to be accepted, what is “the maturation pace of Bitcoin and the tendency to higher prices” is confirmed.The Bitcoin Trust of Grayscale has experienced extremely strong demand from private investors and institutions.BTC will continue to be traded more like Gold, which indicates a maturing market and the fact that the crypto-currency by macro-economic factors.And finally, the “unprecedented easing of the global is likely to be Central Bank policy and the rising price of gold” is a blessing for Bitcoin to move higher.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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