Bitcoin (BTC) has been rising in recent weeks, showing positive price movements that seem very attractive to investors.
According to a recent CryptoQuant analysis, a key metric, “active address momentum,” paints a bullish picture for the cryptocurrency.
Effectively Address Signs of Upmarket Development
Active addresses represent the number of unique addresses that conduct transactions on the Bitcoin network, providing information about network activity and engaging investors.
By using the 30-day moving average (30DMA) and the 365-day moving average (365DMA) in this indicator, the CryptoQuant analyst can assess the growing momentum of the network.
The analyst emphasized that the 30DMA has risen significantly recently and is closing the 365DMA. If the “golden cross” occurs, when the 30DMA exceeds the 365DMA, it can indicate another trend for Bitcoin, Dent points out.
The CryptoQuant analyst added that Bitcoin has seen high transaction volumes since the second half of the year, supporting the increase in network activity.
While the current upward momentum is encouraging, the analyst also warned of potential volatility due to the formation of a “rising wedge” in Bitcoin’s price chart—a pattern that could lead to significant price swings if the core continues to strengthen.
Bitcoin Rally To $90,000 In Sight?
Bitcoin’s recent price performance has added to optimism among investors. Over the past week, the cryptocurrency has grown more than 10%, and has continued its upward trajectory, rising an additional 1.98% in the past 24 hours to trade at $68,708 at the time of writing.
This upward movement helped Bitcoin break through a major resistance area on its daily chart, making price predictions even higher.
Another notable prediction came from crypto analyst Javon Marks, who recently shared his opinion on X. Marks highlighted that Bitcoin has broken out of an “expanding bearish” pattern. Statistically, this pattern suggests that when the resistance line is broken, the price target is reached in 81% of cases.
In the case of Bitcoin, Marks believes that this breakout could push the price of Bitcoin to between $90,000 and above $96,000.
#Bitcoin (BTC) is now out of the ‘extensive bearish’ pattern and statistics from this type of pattern say that in 81% of cases, the price target of the pattern is reached when the resistance line is broken.
Bitcoin Price Objective:
$90,000-$96,000+ pic.twitter.com/hudApLSlDj
– JAVON
The featured image was created with DALL-E, a Chart from TradingView