The leading cryptocurrency Bitcoin has been consolidating around $29,000 for a long time. While investors were waiting for an attack from BTC, a new Bitcoin share came from closely followed cryptocurrency analyst Ali Martinez.
Evaluating the correlation between Bitcoin price and the total number of new Bitcoin addresses, Ali Martinez said that while the price decreased, the number of new BTC addresses increased.
Stating that this inverse correlation between price and network growth indicates long-term steady rise, the analyst advised investors to take the bottoms.
“Even as Bitcoin dropped from $32,000 to $29,000, the number of new BTC addresses has increased steadily!
This bullish divergence between price and network growth indicates a stable long-term BTC uptrend.
Buy the bottoms!”
Even as #Bitcoin dropped from $32,000 to $29,000, the number of new $BTC addresses steadily rose!
This bullish divergence between price and network growth hints at a stable long-term #BTC uptrend. Buy the dip! pic.twitter.com/Xp9MhtzsT3
— Ali (@ali_charts) August 7, 2023
Stating that Bitcoin has created a golden-cross pattern for the third time in history recently, crypto analyst TradingShot said, “BTC supported the all-time high rally in the other two golden-crosses. Is this the golden ticket for Bitcoin?”
Accordingly, Bitcoin could be at the beginning of a new bull rally.
*Not investment advice.
