- Bitcoin has seen consistent daily active addresses and whale transactions.
- The king coin has now experienced a seven-day consecutive price increase.
Bitcoins [BTC] The price has risen to levels not seen in over a year. The enthusiasm that accompanied this rise suggested that the asset could maintain the current bullish trend.
Read Bitcoin’s [BTC] Price forecast 2023-24
Bitcoin is seeing an upswing
On October 23, the price of Bitcoin surpassed $35,000, reaching a price level not seen in almost two years. This price increase was accompanied by favorable moves in other key metrics, including whale transaction counts and daily active addresses.
by message from SantimentThese numbers indicated a potential for a continued uptrend in the price of Bitcoin.
In addition, the network registered more than 1 million daily active addresses on October 24, a major milestone. Moreover, the number of whale transactions exceeded 14,000.
It is worth noting that since the price increase began, the number of daily active addresses has often exceeded 1 million. The number of whale transactions has also increased noticeably.
At the time of writing, there were over 430,000 daily active addresses, while whale transactions exceeded the 3,000 mark.
FOMO and FUD initiate a price increase
In a separate message from Santimentit was noted that Bitcoin’s social volume and dominance showed signs of Fear of Missing Out (FOMO). The graph indicated that there were discussions about buying or selling Bitcoin.
As FOMO grew, so did Fear, Uncertainty, and Doubt (FUD). The interplay of these emotions could contribute to the continued upward momentum of BTC’s price.
However, despite the positive indicators in these figures, price developments showed some warning signs.
Bitcoin could face a price correction
At the time of writing this article, Bitcoin’s upward price trend has lasted for seven consecutive days, measured on a daily time frame. It was trading at around $34,000, with a modest price increase of less than 1%.
How much are 1,10,100 BTCs worth today?
This continued price increase put BTC in a robust bull trend, as evidenced by the Relative Strength Index (RSI). The positioning of the RSI also suggested that a price correction for BTC was imminent.
Source: TradingView
Nevertheless, if the other metrics continue to maintain their momentum, there is potential for BTC to resume the uptrend after the correction.