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Bitcoin (BTC) Active Address Momentum Presents a Bullish Outlook, Predicts CryptoQuant

Patricia Arquette

Oct 21, 2024 pm 03:22 PM

bitcoin $90 Bullish Forecasts000 Surge

Bitcoin (BTC) has been on an upward trajectory in recent weeks, demonstrating positive price movements that are catching the eyes of investors.

Bitcoin (BTC) Active Address Momentum Presents a Bullish Outlook, Predicts CryptoQuant

Bitcoin (CRYPTO: BTC) has been surging in recent weeks, and a key metric is now presenting a bullish outlook for the cryptocurrency, according to a recent analysis by CryptoQuant.

Active addresses, which represent the number of unique addresses conducting transactions on the Bitcoin network, offer valuable insights into network activity and investor engagement.

To better analyze this trend, the analyst applied a 30-day moving average (30DMA) and a 365-day moving average (365DMA) on the active address indicator. The 30DMA has seen a sharp increase recently and is nearing the 365DMA. If the 30DMA surpasses the 365DMA in a “golden cross,” it could signal a sustained bullish trend for Bitcoin.

The analyst from CryptoQuant also pointed out that Bitcoin has been experiencing high transaction volumes since the second half of the year, which supports the increase in network activity.

While the current upward momentum is inspiring, there's a cautionary note of potential volatility due to a “rising wedge” formation in Bitcoin’s price chart. This pattern could result in significant price swings if the wedge continues to tighten.

Bitcoin’s recent rally has fueled optimism among investors. The cryptocurrency surged over 10% in the past week, continuing its ascent with an additional 1.98% increase in the past 24 hours to reach a trading price of $68,708 at the time of writing.

This upward movement allowed Bitcoin to break through a critical resistance zone on its daily chart, leading to predictions of even higher future prices.

Crypto analyst Javon Marks recently expressed his bullish perspective on X, highlighting that Bitcoin has broken out of a “descending broadening wedge” pattern. Statistically, this type of pattern suggests an 81% chance that the price objective will be reached once the resisting line is breached. Based on this breakout, Marks predicts that Bitcoin’s price could surge to a range between $90,000 and more than $96,000.

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