Bitcoin’s Bull Market Faces Possible Setback
The Bitcoin market has shown signs of entering a bull cycle, but expert Ali Martinez draws attention to a concerning metric in the network growth. Over the past month, there has been a noticeable dip in Bitcoin network growth. This cooling off period follows the coin’s impressive surge to $44,705.52 on December 8th, driven by the soaring popularity of the Bitcoin ETF.
Martinez points out the decline in the number of new addresses, which he views as a potential hurdle to the retesting of the recent high. He believes that to sustain the robust continuation of the bull rally, there needs to be an uptick in the number of new Bitcoin addresses. Martinez is optimistic that onboarding new addresses, resulting in BTC purchases, will provide the necessary support to maintain bullish momentum. Consequently, this would increase buying pressure on BTC, ultimately driving up prices in alignment with Ali Martinez’s long-term thesis.
New Addresses Key to Sustained Bullish Momentum
Ali Martinez emphasizes the importance of new addresses in maintaining a robust bullish rally for Bitcoin. He argues that for a sustained bull market, it is crucial to observe an increase in the number of new BTC addresses. Martinez suggests that onboarding new addresses, particularly those that eventually acquire BTC, will generate the buying pressure required to drive prices upwards. He believes that this buying pressure will solidify his long-term thesis, achieving sustained bullish momentum for Bitcoin.
Furthermore, the new data and its impact on the market reaction should not be overlooked, as it may offer valuable insights into the future trajectory of Bitcoin’s bull market.