The post Bitcoin Sees Positive Network Fundamentals, Indicating Looming Bullish Trends appeared on BitcoinEthereumNews.com.

In line with recent statistics, the network fundamentals of Bitcoin are expressing resilient signs of a likely upward movement. As per CryptoQuant, this spike in positive network fundamentals signifies a strong bullish potential, igniting more optimism across the community of analysts and investors. The analytics platform discussed this development on its official social media account on X. #Bitcoin Network Fundamentals Turn Positive “Bitcoin’s network fundamentals are exhibiting patterns similar to those observed during previous bullish periods. Even if a correction or consolidation phase occurs in the near future, there is a strong likelihood of a positive trend… pic.twitter.com/XBWCmNymKT — CryptoQuant.com (@cryptoquant_com) October 23, 2024 Network Fundamental Turn Positive, Signifying a Bullish Phase Ahead In its latest X post, CryptoQuant brought to the front Bitcoin’s positive network fundamentals and their relationship with bullish momentum. It mentioned that, based on the historical records, Bitcoin has gone through some cycles in the case of bearish and bullish periods. The factors driving these phases included the network fundamentals and the overall market sentiment. At the moment, these chief network indicators highlight Bitcoin’s preparation for another likely price rally. However, the market could still witness minor corrections or a consolidation period. Fundamentals denote crucial on-chain metrics, including transaction volume, blockchain-based activity, active addresses, network difficulty, and hash rate. A surge in these metrics usually indicates an increasing user base, mounting confidence, and a more effective and secure blockchain infrastructure. For instance, spiking hash rates point out that more miners are entering the network. This development normally correlates with broader stability and security. Bitcoin’s Long-Term Trajectory Seems More Promising in Comparison with the Altcoins As the analysis from CryptoQuant reveals, these enhancing fundamentals reflect patterns occur during the former bullish periods in the history of Bitcoin. Though the wider crypto landscape may experience volatility, the long-term…

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Filed under: News - @ October 25, 2024 2:14 am