Analyzing BTC’s growth potential as metrics offer contrasting stories
In recent weeks, Bitcoin [BTC] embarked on an exhilarating price run, reigniting hopes that the king coin would surge into the illustrious $30,000 range. Alas, the weekend brought with it some necessary corrections that subdued the bullish mood.
Read Bitcoin’s [BTC] Price Prediction 2023-24
Yet, despite the apparent downturn, certain metrics pointed to this as nothing more than a fleeting obstacle in the grand scheme.
Did the recent dip in Bitcoin’s value on 1- 2 April deter potential investors from entering the market? It seems not. Despite the temporary setback, data from Glassnode indicated that new investors continued to flock toward the cryptocurrency.
The chart showed a substantial increase in new addresses joining the network, indicating growing interest and participation. As of 2 April, per Glassnode, 471,000 new addresses had joined the network.
Source: Glassnode
The surge in new addresses joining the Bitcoin network will likely positively affect BTC’s price movement. As more investors open new addresses, the coin’s demand will increase, which could drive up prices. Furthermore, any minor drop in the price of BTC may attract even more new investors looking to take advantage of the dip, thereby boosting the network’s number of addresses.
Although one metric showed an increase, another metric indicated a decline. Rather than being negative, it was positive for the cryptocurrency’s price movement. Based on data from CryptoQuant, there has been a decrease in BTC’s exchange reserve. The chart showed approximately 46,000 BTC, worth around $1.24 billion, left crypto exchange wallets in the last ten days.
Source: CryptoQuant
The decline in the exchange reserve suggested that investors were moving their BTC off
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