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Real Vision’s chief crypto analyst Jamie Coutts is saying that a major Bitcoin (BTC) metric is flashing a bullish signal.
Coutts says that the number of active Bitcoin addresses is rising after a downtrend that lasted for eleven months.
According to Coutts, the number of active Bitcoin addresses as a predictive tool remains “one of the most significant base-level on-chain metrics.”
The Real Vision cryptocurrency analyst further says that Bitcoin could surge to between $147,600 and $184,500 this cycle.
“While I anticipate Bitcoin reaching 2x to 2.5x its all-time high this cycle, a corresponding breakout in base chain active addresses would undoubtedly validate the network valuation.
After all, Bitcoin is a global monetary network; demonstrating organic network growth and adoption across all metrics helps underwrite its future.”
Bitcoin is trading at $61,830 at time of writing, down by around 16% from the all-time high price of $73,800.
Coutts also shares his outlook on the native token of layer-1 (L1) blockchain Sui (SUI). The Real Vision analyst says that SUI, which is up over 100% over the past 30 days, could continue its upward move.
“While Sui could very well correct from here, the fact that it is within striking distance to its all-time high places it near the top of L1s ranked on this measure…
Behavioral economists often attribute this to underreaction, anchoring, or the disposition effect. Wonkish terms that boil down to one simple idea: people tend to underestimate the significance of an asset making new highs which creates a Fear of Missing Out (FOMO) feedback loop, amplifying the price movement as more investors rush in.”
Sui is trading at $1.92 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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