Analysis: Bitcoin's New Address Count Approaches Critical Level with 330,000, Bullish Outlook Raises Market Concerns

Bitcoin (BTC) has been a steady performer in September, with the price rising nearly 13% over the past week, according to CoinMarketCap. Crypto analyst Burak Kesmeci noted that the increase in new Bitcoin addresses is an important indicator of price movement. The number of new addresses recently reached 330,000, which is close to the key 350,000 threshold.Kesmeci explained that when the number of new addresses exceeds 350,000, it indicates a strengthening of the long side of the market and the price has the potential to go up; if it falls below this threshold, it could enter a correction or a bear market. Kesmeci also noted that if the number of new addresses reaches or exceeds 350,000 in the future, especially after next week's Federal Reserve meeting, bitcoin investors could be in for a “good time”. However, the rise of BTC spot ETFs could impact the network's growth, as ETFs may concentrate their holdings in bitcoin, reducing the generation of new addresses. Bitcoin is currently trading at $60,395, up 4.31 percent over the past 24 hours, but trading volume is down 9.35 percent.