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 <p class="paragraph">Bitcoin (BTC) has experienced an impressive surge in its price in recent weeks. Its substantial rise can be attributed to a resurgence of investor optimism, largely fueled by the belief that US regulators may finally greenlight the first spot exchange-traded fund (ETF) for the cryptocurrency, possibly within this year.&nbsp;</p>
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 <p class="paragraph">As a result of this newfound enthusiasm, BTC has soared above the $35,000 mark, a level it had not reached since May 2022.&nbsp;</p>
 <p class="paragraph">However, the burgeoning optimism isn’t confined to its <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> alone; it’s also evident in Bitcoin’s <a rel="noopener noreferrer nofollow" title="network" href="https://thebittimes.com/tag/network.html">network</a> activity, with over 700,000 new <a rel="noopener noreferrer nofollow" title="addresses" href="https://thebittimes.com/tag/addresses.html">addresses</a> added on November 4, as noted by crypto analyst Ali Martinez.</p>
 <p class="paragraph">“This is an important milestone, as BTC <a rel="noopener noreferrer nofollow" title="network" href="https://thebittimes.com/tag/network.html">network</a> growth is the best <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> predictors!,” said the expert in his X post.&nbsp;</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/28_osPFmVSaIwRmPV6JScyrJq4g0o_s__VSPYWstZBiab99O1SmYJ8Heethobvj2QtVV44YnHpiIKf1zPc_Uz4Kf4agahz2f2OmfUphlVSwxb-c2O1994VZkvZJ6lCgzpYFN6riPVZ2208QLNs_YQBw" alt>
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   Chart showing the number of new daily BTC addresses created. Source: Ali Martinez
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 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
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 <p class="paragraph">At the time of publication on November 6, Bitcoin was changing hands at $35.112, almost unchanged in the past 24 hours.</p>
 <p class="paragraph">The leading crypto asset rose around 1.5% on the week and more than 26% across the past month, adding over $140 billion in market cap during that rally.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/WIQSP1PLwAg2NS_Vy3bPVrxOX9ypXMYzd_8mIdpDswScNOmpuK1nC73v-du-K-Q1zMb6kBdoSukeBnxZuresVlts74Jij1ZMoSx--0lOcNl3i5YCHjkznjtGbsXOZb8K73-UjENGfd3e245rT72WABY" alt>
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   BTC 1-month price chart. Source: Finbold
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 <p class="paragraph">At this stage, the next significant resistance level for BTC is around $38,000 indicating a price zone where sellers could pick up pace. But cryptocurrency expert Michael van de Poppe said last week he believes BTC would clear that barrier and hit up to $50,000 before the 2024 halving event.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-spot-bitcoin-etf-approval-may-have-a-limited-price-impact">Spot Bitcoin ETF approval may have a limited price impact</h2>
 <p class="paragraph">As noted earlier, the surge in BTC and the broader crypto market was primarily driven by growing convictions that the US Securities and Exchange Comission (SEC) will approve a spot BTC ETF.</p>
 <p class="paragraph">To be more specific, the rally was caused by the news that BlackRock’s spot Bitcoin ETFs, known as IBTC, had been listed on the Depository Trust &amp; Clearing Corporation (DTCC) website.</p>
 <p class="paragraph">Pseudonymous trader <em>TheFlowHorse </em>said the crypto markets could expect a move of “the same, if not greater magnitude” if the regulators actually approve the ETFs. However, the analyst said the significant rally that may come after the approval may be followed by a mid-term <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> retracement as many investors will likely seek to capitalize on the news and take profits.&nbsp;</p>
 <p class="paragraph"><em><strong>Disclaimer</strong>:&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-prediction-as-700k-new-addresses-join-the-network-in-a-day-tbt69173.html">https://thebittimes.com/bitcoin-price-prediction-as-700k-new-addresses-join-the-network-in-a-day-tbt69173.html</a></p>

Bitcoin price prediction as 700k new addresses join the network in a day

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