As a seasoned researcher with years of experience in the cryptocurrency market, I find the current bullish trend of Bitcoin highly intriguing. The active address momentum, as highlighted by CryptoQuant, presents an optimistic outlook for the future of BTC, especially if we see a golden cross between the 30DMA and 365DMA.
In the last few weeks, Bitcoin (BTC) has been exhibiting a rising pattern, with its value fluctuations suggesting an attractive investment opportunity for potential investors.
Based on an examination by CryptoQuant, the “active address trend” indicator seems to point towards optimism for the cryptocurrency market.
Active Address Momentum Signals Upward Market Structure
The number of distinct addresses involved in transactions on the Bitcoin network is known as active addresses. This data gives us a sense of the network’s activity level and the degree of investor participation.
With the use of both a 30-day and a 1-year moving average for this specific indicator, the CryptoQuant analyst can evaluate the increasing strength or momentum within the network.
The analyst pointed out that the 30-day moving average has noticeably increased and is approaching the 365-day moving average. If a “golden cross” event takes place, where the 30-day moving average exceeds the 365-day moving average, it might suggest an extended bullish momentum for Bitcoin, according to the analyst’s findings.
As a crypto investor, I’ve noticed that since the latter part of the year, Bitcoin has been consistently witnessing high transaction volumes. This surge in activity suggests an active network, bolstering my confidence in its robustness.
As I delve into my analysis of Bitcoin’s price trends, it’s essential to acknowledge the current bullish surge. However, a word of caution is due: there seems to be a potential for increased volatility due to the emergence of what’s known as a “rising wedge” formation in its price chart. This pattern, if sustained, could potentially lead to considerable price fluctuations, with the tightening of this wedge serving as a key indicator.
Bitcoin Rally To $90,000 In Sight?
The impressive increase in Bitcoin’s price during the last week and its continuous rise over the past day have boosted investor enthusiasm. In fact, within the last 24 hours, it has climbed an additional 1.98%, reaching a trading price of $68,708 at this moment.
Moving upward recently, Bitcoin managed to breach a significant barrier in its daily chart, leading experts to anticipate further price escalations.
One notable prediction came from crypto analyst Javon Marks, who recently shared his outlook on X. Marks highlighted that Bitcoin has broken out of a “descending broadening wedge” pattern. Statistically, this pattern suggests that when the resisting line is broken, the price objective is reached in 81% of cases.
According to Marks, if Bitcoin experiences a significant surge, he predicts that its price could reach anywhere from $90,000 up to over $96,000.
Bitcoin (BTC) has just broken free from the visible ‘widening descending channel’ pattern, and historical data shows that in approximately 81% of similar cases, the price target set by this pattern is achieved once the resistance line is breached.
Bitcoin’s Price Objective:
$90,000-$96,000+
— JAVONMARKS (@JavonTM1) October 17, 2024
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2024-10-19 07:16