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Jamie Coutts, the chief crypto analyst at Real Vision, points out a significant bullish signal from a crucial Bitcoin 
$107,791 metric. He observes an increase in the number of active Bitcoin addresses following an eleven-month downward trend.
Increase in Active Addresses
Coutts describes the rising number of active Bitcoin addresses as one of the “most important fundamental on-chain metrics.” He emphasizes that this increase will validate the valuation of the Bitcoin network.
The analyst suggests that Bitcoin has the potential to rise between $147,600 and $184,500 in this cycle. Currently, Bitcoin is trading at approximately $61,830, reflecting a decline of about 16%.
Coutts Expects Continued Growth in Sui Token
Coutts also shares a positive outlook on SUI, the native token of the layer-1 blockchain Sui. He indicates that the token, which has risen over 100% in the last 30 days, may continue its upward trajectory. He adds, “When Bitcoin shows organic network growth and adoption across all metrics, it supports the network’s future.”
Noting that Sui’s current price stands at $1.92, Coutts advises investors to consider the influence of market psychology on price movements.
In conclusion, the increase in active Bitcoin addresses and the analyst’s price predictions mark significant developments in the cryptocurrency market. Investors can evaluate these metrics to monitor market trends effectively.
