BlockBeats news, September 4, according to Cointelegraph, a key indicator of Bitcoin has now reached a level that is usually only observed after the asset price reaches a peak, which increases the uncertainty of Bitcoin’s future price trend.
The number of Bitcoin (BTC) active addresses (a proxy for the total number of active users on the network) has “dropped significantly” since early 2024, a pattern that has historically formed after Bitcoin prices peaked in the 2017 and 2021 bull cycles.
CryptoQuant noted in a research note on September 3 that Bitcoin’s price has not followed the typical downward trend seen in previous cycles. Instead, its price has been “traveling sideways in a wide range with no clear direction.”
