A notable development has occurred on the Bitcoin network as the number of new BTC addresses has recently reached a significant milestone, marking the return of retail investors. This information was shared by cryptocurrency analyst Ali Martinez on June 29.
Based on data released by the analyst, the network has seen a peak not witnessed since April, with the number of new addresses rising to 352,124. Martinez expressed excitement, stating, “Bitcoin retail investors are back! The number of new $BTC addresses on the network increased to 352,124, marking the highest level since April.”
Martinez also noted that approximately 14,000 Bitcoin tokens have been sent to cryptocurrency exchanges in the last four days, amounting to around US$851.20 million. This movement coincides with a recent drop in the price of the largest cryptocurrency, with Bitcoin trading in the US$60 zone. This has provided a prime opportunity for investors to add more tokens to their portfolios. Martinez highlighted the purchase of the recent drop in Bitcoin, stating, “Someone bought Bitcoin’s fall! Over 20,200 $BTC, worth $1.23 billion, was sent to hoarding addresses.”
Despite the recent price drop, Martinez predicts a rally in the price of Bitcoin towards the US$66,000 level soon. In his technical analysis, he pointed out that Bitcoin appears to be forming a bottoming pattern called “Adam and Eve.” According to Martinez, this indicates a potential increase in Bitcoin’s price, leading it towards the US$66,000 level. Martinez’s analysis was shared on June 27.
As of the time of publication, the price of Bitcoin was quoted at US$60,896.19, with a 0.3% increase in the last 24 hours.
It’s important to note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
In other news, Bitcoin and Altcoins have experienced a sharp drop at the start of another week, with BTC trading below $61,000. Additionally, Mt. Gox will distribute $9 billion in Bitcoin, with payments in BTC and BCH set to begin in July.