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This Unusual Bitcoin Adoption Metric Sets New ATH

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
4 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin price is as healthy as ever, remaining over $10,000 for its longest stretch yet. Supporting that healthy price action could be an adoption measuring metric reaching an all-time high record. 

And with the metrics turning its trajectory upward, it could suggest that the cryptocurrency’s valuation will soon follow. Here’s why.

Bullish Bitcoin Price Action Potentially Fueled By Underlying Network Adoption

Bitcoin price action in 2020 may not have been as bullish as it was in 2019, but it is a lot healthier. After rocketing from the low $3,000 range to high $13,000s, the crypto asset required a cool off phase that has taken months.

It culminated with a deep crash on Black Thursday but has been on an upward climb since. A retest of the asset’s bear market bottom appears to have sealed the deal that bears can’t take Bitcoin price lower, and instead, bulls have been in control.

RELATED READING | MAX KEISER REPORTS BITCOIN “RELATIVE STRENGTH” IS GOOD AS GOLD

On the way up, it has been slow and steady, with several pauses for consolidation before continuation. Only recently has Bitcoin price began to pullback, turning bullish predictions back into calls for new lows.

But even the corrections on the way up have been fairly healthy, with very limited downside in the leading cryptocurrency by market cap. And it could all be due to how health the network’s growth is, and how steadily adoption is climbing. It has even taken a key adoption metric to a new record.
bitcoin adoption addresses network btc crypto

180-Day Moving Average: Daily Active BTC Addresses | Source: Santiment

180-Day Moving Average Of Active BTC Addresses Sets New Record High

According to the daily active BTC addresses moving their crypto assets to and from, the 180-day rolling moving average has now set a new all-time high. Individual daily activity still hasn’t outpaced the 2017 peak, but its very close.

RELATED READING | EXPERT EXPECTS BITCOIN “DECOUPLING” FROM STOCKS BUT NOT FOR THE REASON YOU THINK

The 2017 peak was also an unhealthy price spike, resulting in a three-year bear market. Although BTC addresses were higher then, there’s nowhere near the same level of FOMO or interest in the crypto space, yet numbers are trending nearly as high in terms of network activity.

bitcoin btcusd

BTCUSD Daily Price Action As Healthy As Network Adoption | Source: TradingView

But what does this mean for Bitcoin? It means that the “decoupling” from traditional finance that analysts are expecting could very well soon play out, simply due to Bitcoin as a technology and its exponential network effect.

So long as the network itself is active and growing, the value of the asset will grow in time as well. And when it does, like the 180-day moving average setting a new record, all-time highs in price may not be too far off in the distance.

Featured image from Deposit Photos, Charts from TradingView and Arcane Research
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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