Despite a period of significant declines in Bitcoin last month, July began with strong optimism about the potential rise in the price of the largest cryptocurrency. Recently, Bitcoin network activity has been showing a considerable increase as the token is showing signs of an imminent rise in its value soon.
Cryptocurrency analytics platform IntoTheBlock noted on July 2 that Bitcoin activity is increasing significantly. According to the data, the network reached a significant milestone the previous day by surpassing 900,000 active BTC addresses on the blockchain. This level has not been seen on the network since April.
“The number of active $BTC addresses surpassed 900,000 yesterday, reaching levels not seen since mid-April. This spike is part of a larger trend, as activity has been slowly increasing since early June,” he noted.
Bitcoin activity is on the rise!
The number of active $BTC addresses crossed 900k yesterday, hitting levels not seen since mid-April.
This peak is part of a bigger trend, as activity has been slowly increasing since early June. pic.twitter.com/rPdbIh0Zoz
— IntoTheBlock (@intotheblock) July 2, 2024
Is a Bitcoin price rally on the horizon? Renowned cryptocurrency analyst Ali Martinez has weighed in on Bitcoin’s latest moves, predicting that the cryptocurrency could see a rally soon. “TD is showing a buy signal on the Bitcoin 1-hour chart, anticipating a one to four hourly candle rally for $BTC!” the expert noted.
“The TD Sequential, which told us to buy Bitcoin at $60,000 on June 28th and sell at $63,200 on July 1st, is telling us to buy $BTC again!” he added.
The TD Sequential, which told us to buy #Bitcoin at $60,000 on June 28 and sell at $63,200 on July 1, is telling us to buy $BTC again! pic.twitter.com/JJzQtVJcBh
— Ali (@ali_charts) July 3, 2024
At the time of publication, the price of Bitcoin was quoted at US$ 60,237.14 with a decrease of 2.6% in the last 24 hours.
Bitcoin Forecast July 2024: Price Recovery Imminent
What is the Bitcoin price prediction for July 2024? Based on historical data, a recent analysis predicts an imminent Bitcoin price recovery next month.
Renowned cryptocurrency analyst Ali Martinez shared a bullish Bitcoin prediction for July, noting that when the largest cryptocurrency has typically performed poorly in June, BTC has bounced back strongly the following month. Amid several developments in the cryptocurrency market in June, Bitcoin’s price has been influenced and has seen a sharp drop, trading as low as $60,000 this week.
In an analysis, Martinez suggested that Bitcoin has the potential to experience a considerable price rally in July, marking a major recovery in the market.
Disclaimer:
The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/atividade-da-rede-bitcoin-aumenta-enquanto-btc-da-sinais-de-alta/
