Despite a period of significant declines last month, July started off with a strong sense of optimism for Bitcoin as the largest cryptocurrency showed signs of an imminent price increase. The cryptocurrency analysis platform, IntoTheBlock, observed a considerable increase in Bitcoin activity on July 2. According to the data, the network reached a significant milestone by surpassing 900,000 active BTC addresses on the blockchain. This level hasn’t been seen since April.
“The number of active $BTC addresses crossed 900k yesterday, hitting levels not seen since mid-April. This peak is part of a bigger trend, as activity has been slowly increasing since early June,” highlighted IntoTheBlock.
Is a Bitcoin price surge on the way? Renowned cryptocurrency analyst Ali Martinez evaluated the recent actions of Bitcoin and suggested that the cryptocurrency may experience a price surge soon. “The TD Sequential presents a buying signal on the 1-hour Bitcoin chart, anticipating a recovery of one to four hourly candles for $BTC!” observed the specialist. “The TD Sequential, which told us to buy Bitcoin at $60,000 on June 28 and sell at $63,200 on July 1, is telling us to buy $BTC again!” he added.
At the time of publication, the Bitcoin price was quoted at $60,237.14, down 2.6% in the last 24 hours.
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Renowned cryptocurrency analyst Ali Martinez shared an optimistic prediction about Bitcoin for the month of July, highlighting that when the largest cryptocurrency performed poorly in June, it often emerged very strongly the following month. Amidst several developments in the cryptocurrency market in June, the price of Bitcoin was influenced and showed significant drops, reaching $60,000 this week.
In an analysis, Martinez suggested that Bitcoin has the potential to experience a considerable price increase in July, presenting a significant recovery in the market.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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