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Individual investors may steadily return to the cryptocurrency market following a notable increase in the number of new daily addresses, and a data analysis platform has addressed this process. In a post on social media platform X on August 8, data analysis platform IntoTheBlock stated that recent data on new Bitcoin addresses might indicate renewed interest from individual investors.
What is Happening on the Bitcoin Front?
The team from blockchain data analysis platform IntoTheBlock made notable statements on the subject and shared the following:
“Since November 2023, the number of new daily addresses showed a downward trend, indicating fewer new participants, especially individual investors. However, the trend seems to be changing, with the number of new addresses showing an upward trend in recent weeks.”
According to blockchain data analysis platform Glassnode, the number of new addresses for 2024 dropped to 203,536 on June 7. However, since the beginning of August, the number of new Bitcoin addresses has ranged from a low of 286,000 to a high of 337,000:
“This change indicates renewed interest from individual investors, potentially leading to a more balanced market and a stronger foundation for the next growth phase.”
A Grim Prediction for Bitcoin
According to CoinGecko data, Bitcoin prices experienced double-digit losses on August 5, dropping to $49,221, and then showed signs of recovery by rising above $62,000 on August 8. ITC Crypto founder Benjamin Cowen stated in a post on X on August 8 that the market might enter a selling junction:
The renowned figure believes its resilience will likely depend on the price exceeding $62,000 and then remaining as support, as it did in 2023:
“If it fails to remain as support like in 2019, I think the slow decline will continue until sufficient turnaround from the Fed is achieved.”
A dead cross occurs when an asset’s market price 50-day simple moving average (SMA) falls below its 200-day SMA. However, Bitcoin analyst Timothy Peterson noted that a dead cross process might not be that bad:
“Bitcoin is facing an imminent dead cross where the 50-day average falls below the 200-day average. This has only happened 8 times since 2015. What’s next? Bitcoin rose by 62% in 60 days.”
