Before Bitcoin price rocketed to its highest ever two years ago (late-2017) to $19,783, two notable things happened. If history were to repeat itself, we may see another abnormal bull run in the next few months, if not weeks.
Bitcoin addresses with daily activities reached over 1 million
Active BTC addresses surpassed 1 million, just a few weeks before Bitcoin went parabolic in 2017. We are witnessing the same thing happening before block halving.
Last time Bitcoin exceeded 1 million active addresses was June 2019. As a result, BTC price climbed to $13,000 from $7,668. However, that level of address activities have not seen in the network since. At least not until now.
Surging Google searches and edge fund managers
Similar to late-2017, Google searches for the terms “Bitcoin” and “Bitcoin Halving” have surged to all-time highs.
Concurrently, Paul Tudor Jones, a billionaire edge fund manager, is promoting Bitcoin as the best investment; short and long term. Jones put a substantial amount of his clients’ funds in Bitcoin.
Famed Bloomberg analyst, Mike McGlone, on May 5 published a piece which he declare Bitcoin “best investment” over fiat currencies and gold.
Historically, there is a conclusive correlation between bitcoin’s price and number active BTC wallets & addresses. Price of Bitcoin is habitually higher when addresses reach certain level of growth.
Bitcoin has been on a decline for 2 1/2 years. If the first cryptocurrency is to rise above the slump and grow back to its all-time trading value, institutional investments is paramount, according to some financial and crypto analysts.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.