Jamie Coutts, chief crypto analyst at RealVision, said the major Bitcoin (BTC) indicators are sending bullish signals.
Coutts said the number of active Bitcoin addresses is increasing after an 11-month period of decline.
According to Coutts, the number of active Bitcoin addresses as a predictive tool remains “one of the most important fundamental-level on-chain metrics.”
Cryptocurrency analysts at Real Vision further say that Bitcoin could soar between $147,600 and $184,500 this cycle.
“We expect Bitcoin to reach 2x to 2.5x its all-time high this cycle, and a corresponding breakout of active addresses on the base chain would definitely justify the network's valuation. It will be.
After all, Bitcoin is a global monetary network. Demonstrating organic network growth and adoption across all metrics will help secure its future. ”
At the time of writing, Bitcoin is trading at $61,830, down about 16% from its all-time high of $73,800.
Coutts also shares his outlook on the native token of the Layer 1 (L1) blockchain Sui (SUI). Analysts at Real Vision said SUI, which has risen more than 100% in the past 30 days, could continue to rise.
“There is a good chance that Sui will correct from here, but the fact that it is within striking distance of an all-time high puts it near the top of the L1 ranked by this metric…
Behavioral economists often attribute this to underreaction, anchoring, or dispositional effects. The fancy terminology boils down to one simple idea. People tend to underestimate the importance of an asset hitting new highs, which creates a fear of missing out (FOMO) feedback loop that amplifies price movements as more investors flood in. ”
At the time of writing, Sui's price is $1.92.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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