The post Key Factors That Bitcoin Needs To Keep Bullish Momentum appeared on BitcoinEthereumNews.com.

Amid the bearish impression circling the cryptocurrency market lately, a prominent crypto analyst has revealed a recent trend for Bitcoin (BTC), which will help bolster the continuation of its price rally. What Bitcoin Needs To Sustain And Expand Its Rally A cryptocurrency analyst known as Ali recently shared this crucial information with the entire cryptocurrency community on December 18, 2023. The analyst took to X (formerly Twitter) to highlight what Bitcoin needs to maintain its upward trajectory. Ali said the crypto asset experienced a dip in network growth over the past month, which raised concerns about the stability of BTC’s recent price move to $44,000. He added that creating new Bitcoin addresses must expand to guarantee a robust continuation of its rally. This will provide the much-needed support for the crypto asset to maintain its bullish momentum.  The post read: There’s been a noticeable dip in #Bitcoin network growth over the past month, casting doubt on the sustainability of $BTC’s recent move to $44,000. For a robust continuation of the bull rally, it’s crucial to see an uptick in the number of new $BTC addresses. This would provide the needed support for sustained bullish momentum. BTC needs further investor and institutional support to sustain its rally. A chart accompanied the crypto analyst’s X post to support his projection further. Chart showing the number of new BTC addresses in the last 3 months | Source: Ali_charts on X This prediction means further corrections may be a scenario for the digital asset. This is because of the discrepancy between the creation of new addresses and the current price increase of Bitcoin. Nonetheless, approving a Bitcoin Spot exchange-traded fund (ETF) in the US might create an avenue for more institutional investment, thereby reversing this trend. As of the time of writing, BTC was trading…

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Filed under: News - @ December 18, 2023 11:12 pm