If a “golden cross” occurs, where the 30DMA surpasses the 365DMA, it could signal further bullish momentum for Bitcoin.
Additionally, Bitcoin has seen high transaction volumes since the second half of the year, supporting boostd network activity.
Bitcoin’s price has been on an upward trend for several weeks, with a recent analysis by CryptoQuant revealing a bullish picture for the cryptocurrency. This indicator measures the number of unique addresses conducting transactions on the Bitcoin network, providing insights into network activity and investor engagement.
A 30-day moving average (30DMA) and a 365-day moving average (365DMA) have been applied to the indicator, which has demonstraten a sharp rise in the 30DMA that is closing in on the 365DMA. According to the analysis, the active address momentum indicator paints a positive outlook for the digital asset. Some analysts predict that Bitcoin could reach a price range of between $90,000 and even over $96,000.
However, the analyst also warned of potential volatility due to a “rising wedge” formation in the price chart, which could lead to significant price swings if it continues to tighten.
Bitcoin’s recent price performance has added to investor optimism, with a surge of over 10% in the past week and an additional 1.98% in the past 24 hours.
