Bitcoin (BTC) has been on an upward trend in recent weeks, showing positive price movements that look very attractive to investors.
According to another Cryptoquant The analysis, a key metric, “active address momentum,” paints a bullish picture for the cryptocurrency.
Active headline momentum indicates a bullish market structure
Active addresses represent the number of unique addresses conducting transactions on the Bitcoin network, providing insights into network activity and investor engagement.
By applying the 30-day moving average (30DMA) and 365-day moving average (365DMA) to this indicator, a CryptoQuant analyst can evaluate the network’s increasing momentum.
The analyst confirmed that the 30DMA has risen sharply recently and is approaching the 365DMA. If a “golden cross” occurs, where the 30DMA crosses the 365DMA, it could signal additional upside for Bitcoin, he reveals.
The CryptoQuant analyst added that Bitcoin has seen high transaction volumes since the second half of the year, supporting increased network activity.
While the current bullish momentum is encouraging, the analyst also warned of potential volatility due to the formation of a “rising wedge” in the Bitcoin price chart – a pattern that could lead to significant price fluctuations if the wedge continues to narrow.
Bitcoin price rising to $90,000 on the horizon?
Bitcoin’s recent price performance has increased optimism among investors. Over the past week, the cryptocurrency has risen more than 10%, and has continued its upward trajectory, rising an additional 1.98% over the past 24 hours to trade at $68,708 at the time of writing.
This bullish move helped Bitcoin break through a key resistance area on the daily chart, sparking expectations of higher prices.
One notable prediction came from cryptocurrency analyst Javon Marks, who recently shared his predictions for X. Marks highlighted that Bitcoin has broken out of a “bearish expanding wedge” pattern. Statistically, this pattern indicates that when the resistance line is broken, the target price is reached in 81% of cases.
In the case of Bitcoin, Marks believes that this breakout could push the price of Bitcoin to a range between $90,000 to more than $96,000.
#Bitcoin (BTC) has now broken out of the displayed “Descending Extending Wedge” pattern and statistics from this type of pattern indicate that in 81% of cases, the price target of the pattern is reached when the resistance line is broken.
Bitcoin price target:
$90,000 – $96,000+ https://t.co/lPZZtJm7pi pic.twitter.com/hudApLSlDj
– Javon
Marx (@JavonTM1) October 17, 2024
Featured image created with DALL-E, chart from TradingView
Comments are closed, but trackbacks and pingbacks are open.