The co-founders of a leading crypto data analytics company say a reliable Bitcoin (BTC) indicator is signaling bullish moves for BTC.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform narrate their followers that BTC market demand exceeds supply.
Furthermore, the Bitcoin network recently saw 700,000 new addresses created in just one day, which analysts say is one of the most important indicators of future price movements.
“Bitcoin market demand has exceeded supply, a clear sign of robust positive momentum.
In just one day, as many as 700,000 new BTC addresses joined the network. This expansion is considered one of the most reliable indicators for price predictions.
With fewer BTC coins currently in circulation, buyers may need to increase their bids to get their orders filled quickly.”
In a further analysis in a blog postthe co-founders say that with BTC moving so fast, buyers will have to increase their bids, potentially pushing up the price of BTC.
“As there are currently fewer BTC coins available, buyers may need to increase their bids to quickly fulfill their orders. This could soon unknowingly push the BTC price above $40,000.”
BTC is worth $34,675 at the time of writing.
Following on from what’s next for altcoins, the co-founders of Glassnode participation decentralized finance (DeFi) and layer 1 tokens are making a comeback.
“Altcoins’ higher beta points to potential for increased profits against Bitcoin’s stability
INTRO: As BTC stabilizes, the spotlight turns to altcoins for potentially higher returns, thanks to their volatility.
MAIN: Solana leads the charge, followed by XRP and Cardano, showing impressive growth and investor interest.
CONCLUSION: This week’s rotation is clear: as BTC and ETH have plateaued, DeFi and Layer 1 tokens are bouncing back strongly.”
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