The price charts surely indicates a bull situation while network charts might have another story to tell us. Looking at the hash rate chart and unique addresses chart we can see they are going in different ways. This shouldn’t be happening in a bull case scenario.
The number of unique addresses went down 28.5% from 525.649 to 375.710 in just 2 days, while the hashrate increased 17.6% in also 2 days from 63.627.045 TH/s to 74.828.989 TH/s.
In general when unique addresses go down it means price will follow at some point. At least this is what happened on December of 2017 in a much larger peak in unique addresses as the price was going up while steadily dropped after the hype.
The question remains though, is 10 years of bitcoin data enough to gives us a historic action pattern based on its network? I think the answer it is a bit more complicated than this, because as we all know bitcoin is a unique fellow very different than the classic asset we know.
Bitcoin Is A Unique Fellow
Bitcoin involves many different variables and very few constants, so it makes it a bit harder to predict than the classic stocks and assets. For now though people see it mostly as an asset close to gold rather than a payment system that was intended at first. This may change in the future but at the moment we are to far from that.
The above article does not intent to give financial advise to its readers and it is purely informational.
chart source blockchain.com