On-chain analyst firm Santiment says that the increase in Bitcoin (BTC) daily active addresses could push the price of Bitcoin up. Bitcoin’s price reached as high as 45,000 twice in the past week. However, experts think that investors are starting to become more active in the crypto market due to the fact that the BTC price cannot go above this 45,000 limit and cannot continue to break.
Does this mean an increase in the long run?
It is thought that the fall of Bitcoin to $ 41,570 as of today, February 14, has mobilized investors. It is stated that these investors, who were active after BTC increased to $ 42,000, made a profit.
According to Santiment, Bitcoin had its most active day in history on February 12. Experts state that on February 12, 1.08 million addresses were transacted on the Bitcoin blockchain. In addition, experts underline that with the increase in this transaction intensity, BTC shows moderate increases. In other words, the more the investor who trades on the BTC blockchain, the more positive effects it creates in the long term as well as the price increase.
Decline or Rise?
Experts think that inflation pressure and growing concerns about a possible Russia-Ukraine war also affect Bitcoin. With these developments, experts underline that Bitcoin has performed well below last week’s high of $ 45,855. A large part of Ethereum and other altcoins are also affected by these factors and lose value. That’s why experts say the fear and greed index currently shows fear. However, at the time of this writing, this index value is gradually accumulating towards the neutral zone and is measured as 46.
In the first week of February, Bitcoin broke the $38,000 and $41,500 resistance levels. After that, Bitcoin, which fell a lot from $ 45,855 reached last week, managed to stay above $ 41,914 over the weekend. At the time of this writing, Bitcoin (BTC) is trading at around $42,236.
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should perform their transactions in line with their own research.