- The Bitcoin price is currently still struggling with the USD 7,200 mark, but a strong bullish move could follow in the medium term, as three strong indicators signal.
- Both the number of weekly active addresses in the Bitcoin network and the volume of stablecoins as well as the Ichimoku cloud indicate that Bitcoin could be on the verge of a bull run.
Over the past weekend, the Bitcoin price has continued to hold the important USD 7,000 mark and has seen a slight uptick. At the time of writing, the BTC price was stuck at around 7,180 USD. As CNF reported yesterday, Bitcoin is now targeting the extremely important $7,400 to $7,470 zone. If this resistance is breached, a rise to 8,000 USD seems possible again.
This thesis is also supported by the current data available. As Josh Olszewicz stated yesterday via Twitter, the number of weekly active addresses in the Bitcoin network has risen to a nine-month high. With a current value of about 832,00 active addresses, Bitcoin exceeded the annual high of about 793,000 active addresses. In addition, a further increase towards the level of the end of June 2019 seems possible, as the Bitcoin price reached USD 13,000 and recorded 935,000 active addresses in one week. The metric is of particular interest because earlier moves in the metric coincided with the start of the bull runs.
$BTC weekly active addresses at 9-month highs
h/t @coinmetrics pic.twitter.com/jRtLCvWDDv
— #333kByJuly2025 (@CarpeNoctom) April 19, 2020
Another bullish indicator at the moment is the volume of stablecoins waiting to be invested in the major exchanges around the world. As Messari CEO Ryan Selkis recently explained, exchanges currently hold $3 billion in stablecoins. These could have been paid out long ago if investors had wanted to exit the crypto market. The more likely scenario, according to Selkis, is that the funds will flow into Bitcoin and the entire crypto market.
Due to the enormous increase in demand for stablecoins, Tether (USDT) is currently on the verge of replacing Ripple (XRP) as the third largest cryptocurrency by market capitalization. Just on Saturday, Tether printed another 120 million USDT. As Tether’s Chief Technology Officer, Paolo Ardoino, explained, the minting was used to “replenish stocks” in order to meet future demand:
PSA: 120M USDt inventory replenish. Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests.
Historically, the pressure of new USDT has always been a positive signal for the Bitcoin price, so this is also an indicator of a soon rising Bitcoin price.
Important technical indicator signals Bitcoin bull run
In addition, Josh Olszewicz also pointed out that a major technical indicator, which can only be observed “once a quarter”, is flashing bullish. According to the analyst, for the first time in five weeks, Bitcoin is about to cross the Ichimoku cloud on the daily chart, which could move BTC toward $8,000 and higher.
As the Olszewicz chart shows, the cloud historically acted as a strong resistance, which also caused strong downward movement. At the same time, a breakthrough meant historically extremely bullish price movements for Bitcoin, as it did last summer when BTC reached USD 13,000.
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