On September 4th, according to Cointelegraph, a key metric for Bitcoin has now reached a level that is usually only observed after the asset price has peaked, adding to the uncertainty surrounding the future price movement of Bitcoin. The number of Bitcoin (BTC) active addresses (representing the total number of active users on the network) has "significantly declined" since the beginning of 2024, a pattern that historically formed after the Bitcoin price peaked during the bull cycles of 2017 and 2021. CryptoQuant noted in a Sept. 3 research note that Bitcoin's price has not followed the downward pattern typical of previous cycles. Instead, its price has been "trading sideways on a wide scale with no clear direction."