The fundamentals for Bitcoin just keep getting better and better...
Earlier this week, we saw another new high as it relates to bitcoin fundamentals.
The 7 day moving average of active wallet address hit a new all time high this week.
The previous all time highs were seen back in early 2018, pretty much at the height of the previous bull market euphoria.
Check it out:
The interesting thing about this is that the price of bitcoin was literally almost double the current price the last time we saw this level of activity.
When you combine this statistic with the fact that the hashrate and difficulty levels are all time highs, it goes to show how the bitcoin network is getting stronger and more robust by the week.
Which is exactly why this metric is a big deal.
Not only was the price at all time highs and double the current price, but this is also further evidence that despite what some bears might have you believe, bitcoin is stronger than ever.
Even with the 20% pullback recently, we are seeing more activity levels and a more secure network that at any time in its past.
This divergence of fundamentals from the price might mean bitcoin has some pent up energy building which is going to help it go significantly higher in the near future.
I stated a while back that bitcoin would hit $20k this year and we are one stimulus announcement away from that happened before the calendar turns this year.
We may see this stimulus announcement as soon as this next week...
Stay informed my friends.
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