2024

Bitcoin

when

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-observes-bitcoins-active-addresses-and-price-fluctuations/" data-wpel-link="internal">Analyst Observes Bitcoin’s Active Addresses and Price Fluctuations</a><br></p>
<p style="text-align: justify">CryptoQuant analyst Crypto Dan today published a chart showing a comprehensive analysis of <strong>Bitcoin</strong>‘s active addresses and price fluctuations over a specific period. The chart can be considered for capturing significant trends and patterns within the Bitcoin network’s activity and market value. Let’s take a look at what conclusions we can draw from the chart and Crypto Dan’s comments.</p> 
<h2 style="text-align: justify" id="bitcoin-addresses-peak-and-trough">Bitcoin Addresses Peak and Trough</h2> 
<p style="text-align: justify">The chart starts from February 2023 and extends to June 2024. During this period, the number of active addresses frequently peaked and troughed, showing significant fluctuations. This fluctuation is actually a fundamental feature of the <a href="https://en.coin-turk.com/the-resurgence-of-altcoins-a-promising-sign/" data-wpel-link="internal">cryptocurrency market</a>. It also reflects the dynamic nature of user participation and transaction activity in the Bitcoin network.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-361700 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/aktif-btc.png" alt="" width="562" height="575"></p> 
<p style="text-align: justify">However, as the chart progresses towards 2024, there is a decline in active addresses. The number of active addresses significantly drops below 800,000, while the price sees a range between 35,000 and 40,000 dollars.</p> 
<p style="text-align: justify">One of the standout observations from the chart is the sharp increase in active addresses towards the end of 2023, coinciding with a significant rise in Bitcoin’s price. The price, represented by the white line, shows a price tag of approximately 45,000 dollars during this period. This correlation indicated that higher Bitcoin prices tend to attract more users and transactions, increasing network activity.</p> 
<h2 style="text-align: justify" id="address-decline-after-march-2024">Address Decline After March 2024</h2> 
<p style="text-align: justify">We are at a stage where the number of active addresses peaked in March 2024. It was a period when <strong>BTC</strong> broke a record with 73,777 dollars. Since March, as the Bitcoin <a>price</a> leveled off, we see a significant decline in active addresses. So much so that active addresses have dropped below the 750,000 band.</p> 
<p style="text-align: justify">The decline in active addresses can be attributed to various factors, including market corrections, regulatory changes, or broader economic conditions affecting investor confidence and market sentiment.</p> 
<h2 style="text-align: justify" id="analyst-s-interpretation">Analyst’s Interpretation</h2> 
<p style="text-align: justify">Analyst Crypto Dan interprets the chart as a decrease in investor sentiment. According to him, there is a decline in investor sentiment because BTC could not exceed 72,000 dollars. Since active addresses in Bitcoin show how many wallets are actively transferring coins, it indicates that <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> expecting an increase in BTC’s sideways and price range movement have gone into a waiting mode.</p> 
<p style="text-align: justify">According to the analyst, if this sideways movement continues, investor sentiment could worsen further. Finally, the analyst states that altcoins will take shape according to the direction Bitcoin goes.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/analyst-observes-bitcoins-active-addresses-and-price-fluctuations/" data-wpel-link="internal">Analyst Observes Bitcoin’s Active Addresses and Price Fluctuations</a></h5>

Analyst Observes Bitcoin’s Active Addresses and Price Fluctuations

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