The number of active Bitcoin addresses could indicate that the price will go up to $14,700
On June 11, the number of active Bitcoin Lifestyle addresses reached 1,040,244. This is the highest number in two and a half years, many analysts believe there may be a correlation between this metric and the overall market price.
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Number of active Bitcoin addresses
Bloomberg’s bet on it
Bloomberg, in his latest report on cryptomontages, stated that the number of active Bitcoin addresses is a historically significant bullish indicator:
„The highest level of active addresses in about two years favors a higher Bitcoin price, if history is any guide.“
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Will history repeat itself?
If we detail the historical data and select all the dates, when there were at least 1,040,244 active Bitcoin addresses and take the average price, we get the price of $14,700, from this, we can speculate that there is a momentum building up waiting for an opportunity in the price rise.
Bloomberg’s report on the crypt coins says they expect the price of Bitcoin to approach an all-time high of $20,000 or even reach $28,000 by 2020. Obviously, there’s no way of knowing if history will repeat itself or if this correlation has ever been broken.