$BTC: 3.4 Million Bitcoin Addresses Buy The Dip After Price Drops Below $30,000, Data Shows

After the price of the flagship cryptocurrency Bitcoin ($BTC) fell under the $30,000 mark, an impressive 68.96% of Bitcoin holders clung to the green, maintaining a floating profit, with data suggesting over 3.4 million BTC addresses invested near that mark to buy the dip.

According to data from cryptocurrency analytics firm IntoTheBlock, first reported on by Binance News, since May of this year the number of newly created BTC addresses has been on the rise to recently reach a new high for the year. The rise in addresses indicates that despite the escalating frenzy surrounding digital currencies, Bitcoin is consistently drawing in fresh participants.

IntoTheBlock’s report also highlighted an unusual event. The network value to transaction (NVT) ratio of Bitcoin, a vital indicator used to assess the digital currency’s value relative to the volume of transactions, has swelled to an unprecedented scale, typically suggestive of asset overvaluation.

The price of the flagship cryptocurrency moved over the $30,000 mark late last month to reach a high of around $31,500 earlier this month in an upward move, before it started correcting. Bitcoin is currently trading at $29,300 after losing 2% of its value over the last few days.

However, in a seemingly contradictory twist, Bitcoin’s volatility has ebbed to an all-time low with periods of dampened volatility historically serving as a precursor to sizeable price swings, adding another layer of intrigue to the complex narrative of Bitcoin’s price journey.

As CryptoGlobe reported, in a recently published note investment research firm Fundstrat has suggested the price of Bitcoin could see a leap of over 500% from its current value to reach the $180,000 mark ahead of its upcoming halving in April 2024.

Earlier London-based multinational banking and financial services firm Standard Chartered suggested that the price of the flagship cryptocurrency could surge to $50,000 this year, and could breach the $120,000 by 2024’s close in another major bullish price prediction for BTC.

Featured image via Unsplash.

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