Real Vision's chief crypto analyst Jamie Coutts is saying that a major Bitcoin (BTC) metric is flashing a bullish signal.
Coutts says that the number of active Bitcoin addresses is rising after a downtrend that lasted for eleven months.
According to Coutts, the number of active Bitcoin addresses as a predictive tool remains "one of the most significant base-level on-chain metrics."
The Real Vision cryptocurrency analyst further says that Bitcoin could surge to between $147,600 and $184,500 this cycle.
"While I anticipate Bitcoin reaching 2x to 2.5x its all-time high this cycle, a corresponding breakout in base chain active addresses would undoubtedly validate the network valuation.
After all, Bitcoin is a global monetary network; demonstrating organic network growth and adoption across all metrics helps underwrite its future."
Bitcoin is trading at $61,830 at time of writing, down by around 16% from the all-time high price of $73,800.
Coutts also shares his outlook on the native token of layer-1 (L1) blockchain Sui (SUI). The Real Vision analyst says that SUI, which is up over 100% over the past 30 days, could continue its upward move.
"While Sui could very well correct from here, the fact that it is within striking distance to its all-time high places it near the top of L1s ranked on this measure...