Around 4 am 08/01/2023 Bitcoin has formed a clear bullish signal but of course one should be careful because things change quickly but according to some experts the possibility of the price reaching the upper key target of around $35,000 is increasing.
Cryptocurrency adoption is on the rise. According to data from Glassnode, non-zero balance addresses and other on-chain factors remain high, indicating an intensifying adoption rate. The number of non-zero addresses also broke the new ATH of 47.9 million.
Hash rates and cumulative hashes have also increased. Although new address momentum continues to maintain a consolidated trend, holding above lower key support indicates bull strength. In addition, long-term holders also increased markedly. The volume of recent activity of 1+ years, 2+ years, 3+ years and 5+ years has increased sharply, indicating that participants tend to hold the token for the long term.
Therefore, as BTC tries to accumulate gains, the possibility of a bearish pullback decreases, increasing the likelihood of a bullish exit. Therefore, the August trade is believed to remain high throughout the month and may reach temporary resistance around $31,800 and a clear rally above $33,000 in August 2023.
Regardless of the bullish pattern, I have not decided to open a position at this moment, but I am seriously considering it.
