bullish

Bitcoin

Felix

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin network fundamentals turned positive in October, suggesting a medium-term bullish trend.</li> 
 <li>Despite this, analysts have mixed BTC price projections as the US elections approach.</li> 
</ul>  
<p>Bitcoin’s network fundamentals showed a positive trend for the first time in October. This has been interpreted by some analysts as a promising sign for the cryptocurrency in the medium term. </p> 
<h2 id="positive-network-metrics-and-btc">Positive Network Metrics and BTC</h2> 
<p>CryptoQuant highlighted that such positive network metrics have previously been observed during bullish periods. This could suggest a positive outcome for Bitcoin, despite potential short-term corrections or consolidations. </p> 
<p>After a recent surge towards $70K, the 30-day average number of active Bitcoin addresses neared the 1 million mark. This level was last seen in June and indicates a significant interest in Bitcoin during last week’s pump. </p> 
<h2 id="mining-and-demand-trends">Mining and Demand Trends</h2> 
<p>Similar positive trends were noted in the mining segment and network fees. The mining difficulty reached a record high, suggesting intense competition for rewards among Bitcoin miners. This could be a positive catalyst for Bitcoin’s intrinsic value. </p> 
<p>Furthermore, the apparent demand for Bitcoin, or the difference between production and inventory schedule, rose to a 6-month high of 256K BTC. Historically, a spike in demand has often been followed by a price hike for Bitcoin. </p> 
<p>Despite these positive catalysts, analysts have differing predictions for Bitcoin’s price as the US elections draw near. Felix Jauvin from Blockworks suggested that Bitcoin could remain range-bound until the election is over. Justin Bennett shared a similar view, pointing to whales’ lack of interest in buying during the recent mid-week dip. </p> 
<p>However, options traders appeared to remain bullish, as evidenced by their increased purchase of call options ahead of election day. Trading firm QCP Capital noted a peak in short-term implied volatility at election day expiry, with a 10-vol spread over the prior expiry and skews favoring calls over puts.</p>

Bitcoin Network’s Positive Turn: A Sign of Prosperity for Investors?

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CoinEagle.com

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