There hasn't been this many Bitcoin investors since 2017; Will BTC's price follow?

The past year has been a period of immense growth for Bitcoin from a fundamental perspective, with it now being arguably more strong than ever before.

Unique entities interacting with the Bitcoin network hits fresh post-2017 high.

The strong price action seen by Bitcoin - coupled with its growing recognition as being a "Hard asset" - has attracted a significant number of new investors and users to the cryptocurrency.

"The number of unique entities appearing for the first time in the Bitcoin network is surging. This growth rate is the largest we have seen since late 2017.".

Because this points to an influx of new market participants, it does not appear that the recent price appreciation seen by Bitcoin is unwarranted.

Bloomberg analysts: BTC price likely to follow active address count.

Analysts at Bloomberg believe that Bitcoin's price will rally higher based on this fundamental growth.

"The number of active Bitcoin addresses used suggests a value closer to $12,000, based on historical patterns. Reflecting greater adoption, the 30-day average of unique addresses from Coinmetrics has breached last year's peak."

Bitcoin's price did reach as high as $12,000 just this past weekend, but it faced a massive influx of selling pressure at this level that caused it to decline back to $11,000.

The strong fundamental base that Bitcoin is currently sitting upon does seem to warrant it seeing further upside in the months ahead. Like what you see? Subscribe for daily updates.