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Will Bitcoin succeed this time in triggering the next stage of the bull run?




After the price losses of the last 36 hours, Bitcoin is now trying again to overcome an important area of ​​resistance. Will BTC succeed this time in triggering the next stage of the bull run?

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Bitcoin aims to top $ 46,800

The last 36 hours have been associated with a sustained decline in the Bitcoin price: BTC was unable to move above the resistance area at $ 46,500, but fell below the support at $ 46,000 as a result. At times, the number 1 crypto currency was even traded below $ 44,000.

Bitcoin’s daily chart shows: BTC wants to go up. Source: Tradingview.com

Yesterday evening, however, the recovery turbo began: starting from $ 44k, the Bitcoin bulls were able to push the coin higher and higher in the late evening hours – up to $ 46,100, where Bitcoin is currently trading (at the time of this article). How do you proceed from here?

Popular analyst Teddy Cleps expects it to surge over $ 50,000 soon. As he writes to his 124,000 followers in a new tweet, Bitcoin is currently above all key resistances – an increase to $ 50k is therefore “programmed”:

“BTC is programmed over all important resistors, 50k.”

However, the pseudonymous chart expert “LiBZ42” sees a hurdle in the region of $ 47,000. It has to be broken and retested so that BTC can see another upturn.




Top trader @GalaxyBTC, on the other hand, keeps it short and sweet, writes his more than 100,000 followers in a recent tweet:

“BTC & ETH all time highs next month.

Relaxed.”

On-chain data provider: This is the bull run signal

One of the most popular and most cited on-chain data providers, Santiment, also reveals in a recent tweet which “bull run signal” to watch out for: the number of BTC addresses used daily. This is currently between 720,000 and 930,000 addresses. And Santiment emphasizes: If the number moves over 1 million daily BTC addresses, this finally signals that the Bitcoin bull run has begun.

“Address activity continues to be a very important metric to provide clues as to whether #Bitcoin will cross the $ 50k mark or drop below $ 40k. Currently, 720k to 930k addresses are using the $ BTC network every day, and we are looking for an increase over 1 million as a #bullrun signal. “

Here you can see live how many active Bitcoin addresses there are currently per day. The historical course is also shown. This shows: Even when Bitcoin rose parabolically in May, the number of daily active addresses was always more than a million. With currently up to 930,000 daily active addresses, Bitcoin is close to this limit, which is critical for the bull run.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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