After an impressive rally, in which Bitcoin (BTC) just missed breaking the $100,000 barrier, we are now seeing a significant correction. At the time of writing, the price is at $92,300 and the breakthrough of the magical barrier seems temporarily out of sight. Still, several bullish signals point to a possible quick recovery.
Network activity at record highs
A positive development is the growing network activity, with almost 1 million daily active addresses according to data from blockchain analysis platform IntoTheBlock. This is the highest peak since 2019 and highlights Bitcoin’s increasing adoption through 2024. This growing engagement, especially from smaller investors, signals a healthier network and provides a strong foundation for long-term growth.
Although network activity is increasing, trading volume remains relatively stable. This suggests that new investors are still cautious about large transactions. However, Bitget Research’s Ryan Lee warns of a possible broader market correction driven by profit-taking and the risk of liquidations of leveraged positions.
Arthur Hayes: Corrections are healthy
Arthur Hayes, co-founder of crypto exchange BitMEX, remains optimistic despite the current correction. According to Hayes, corrections are a normal part of a healthy bull market. He predicts that the Bitcoin price will still reach the $100,000 mark by the end of 2024 and could even rise to $250,000 by 2025.
Hayes believes that the traditional financial sector will enter the crypto market en masse this cycle, with a focus on established projects such as Bitcoin. As the cycle progresses, he expects investments in riskier altcoins and memecoins to increase, which could fuel a new bull market.
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Source: https://newsbit.nl/bitcoin-bereikt-bijna-1-miljoen-actieve-adressen-100-000-koers-in-zicht/
