Bitcoin to Repeat 2017 Bull Run Based on This Key Metric: Analyst

Research firm Glassnodes came up with new metric for bitcoin adoption. This metric may breakout and foreshadow next bull run.

Bitcoin bulls have a lot of reasons to be excited. On Wednesday, the top cryptocurrency posted a fresh 2020 high of $9,443.96. It’s also up over 30% year-to-date and it continues to show signs of strength.

The top cryptocurrency is close to breaching the resistance of a key metric. I’m talking about the number of entities entering bitcoin on a daily basis. The growth of entities strongly suggests that more people are using the cryptocurrency. This metric is relevant because the last time adoption grew, the cryptocurrency launched a bull market.

Number of Bitcoin Holders Vs. Net Growth of Entities

Getting the actual number of bitcoin holders or users is a herculean task. That’s because there are two obstacles:

  • One holder can have multiple wallet addresses;
  • One bitcoin address, such one belonging to as a crypto exchange, can hold the funds of multiple individuals.

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