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Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

Analyst Points To Key Bitcoin Metric Indicating A Strong Uptrend—$90K in Sight?

Samuel Edyme
Samuel Edyme
11 months ago
3 mins read
Analyst Points to Key Bitcoin Metrics Indicating a Strong Uptrend—$90K in Sight?

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Bitcoin (BTC) has been on an upward trend in recent weeks, showing positive price movements that appear quite appealing to investors.

According to a recent CryptoQuant analysis, a key metric, “active address momentum,” paints a bullish picture for the cryptocurrency.

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Bitcoin Bull Rally Hinges on $57K Support Level—Here’s Why It Matters

Bitcoin’s Bull Rally Hinges On $57K Support Level—Here’s Why It Matters

11 months ago

Active Address Momentum Signals Upward 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 a 30-day moving average (30DMA) and a 365-day moving average (365DMA) to this indicator, the CryptoQuant analyst could assess the network’s growing momentum.

Bitcoin active addresses.
Bitcoin active addresses. } Source: CryptoQuant

The analyst emphasized that the 30DMA has sharply risen recently and is closing in on the 365DMA. If a “golden cross” occurs, where the 30DMA surpasses the 365DMA, it could signal a further bullish trend for Bitcoin, dent 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 upward momentum is encouraging, the analyst also warned of potential volatility due to a “rising wedge” formation in Bitcoin’s price chart—a pattern that could lead to significant price swings if the wedge continues to tighten.

Bitcoin Rally To $90,000 In Sight?

Bitcoin’s recent price performance has added to the optimism among investors. Over the past week, the cryptocurrency has surged by over 10%, and it has continued its upward trajectory, rising by an additional 1.98% in the past 24 hours to trade at $68,708 at the time of writing.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

This upward movement has helped Bitcoin break through a major resistance zone on its daily chart, sparking predictions of even higher prices.

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.

Related Reading

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Massive Bitcoin Move Imminent: 7 Key Reasons Behind The Bullish Outlook

11 months ago

In Bitcoin’s case, Marks believes that this breakout could push the price of Bitcoin to a range between $90,000 and even more than $96,000.

#Bitcoin (BTC) is now broken out of the displayed ‘descending broadening wedge’ pattern and statistics from this type of pattern states that in 81% of cases, the pattern’s price objective is reached when the resisting line is broken.

Bitcoin’s Price Objective:

$90,000-$96,000+ https://t.co/lPZZtJm7pi pic.twitter.com/hudApLSlDj

— JAVON⚡️MARKS (@JavonTM1) October 17, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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