The Bitcoin (BTC) network has recently recorded a massive surge in daily addresses. On-chain data have shown that this metric is gradually inching towards a three-month high. By all means, this signals an incoming crypto market capitulation that can stage a price reversal from the latest correction. Bitcoin Active Addresses Hit 912,300 According to Glassnode, Bitcoin active addresses went to over 912,300 on February 28. It is worth noting that this is the first time since December 16, 2024, that such a level has been seen. Crypto intelligence platform IntoTheBlock takes this surge in active addresses to mean that the crypto market is entering a “capitulation moment.” “Historically, spikes in on-chain activity have often coincided with market peaks and bottoms—driven by panic sellers exiting and opportunistic buyers,” IntoTheBlock noted in a February 28 post on X. “While no single metric guarantees a price reversal, this surge suggests the market could be at a crucial turning point.” The Current Bitcoin Outlook BTC traded at $85,094.21 at press time, corresponding with a 0.67% increase within the last 24 hours. While this price level suggests that Bitcoin has registered some price gains, it remains a far cry from its all-time high (ATH) of over $109,000. The current price reflects that Bitcoin tilts more towards forming a market bottom than reaching a local top. Stella Zlatareva, a dispatch editor at digital asset investment platform Nexo, noted that the ability of the leading crypto asset to stay above the $80,500 threshold may act as a “potential catalyst for market stabilization.” Bitcoin Will Rise Again In light of this potential outcome, more uptrend could be recorded if a breakout above this $80,500 level is achieved. On the other hand, a fall below this level may trigger a further downtrend. For instance, a decline below $84,000 will likely cause Bitcoin to revisit this crucial support level. This can lead to the loss of more than $1 billion worth of leveraged long liquidations across all exchanges. Meanwhile, analysts and market observers look forward to BTC hitting a new ATH shortly. Geoffrey Kendrick, head of digital assets research at Standard Chartered, predicted that Bitcoin will hit $200,000 by the end of 2025 and reach $500,000 before Donald Trump leaves office. This prediction demonstrates his confidence in the flagship cryptocurrency. The post Bitcoin Network Sees Uptick in Daily Active Addresses appeared first on TheCoinrise.com .
