Bitcoin has been on an upward trend since July, with both its price and network activity increasing positively. A key metric, “active address momentum,” that measures unique addresses conducting transactions, demonstrates a bullish picture for the cryptocurrency. Despite these concerns, over the past week, Bitcoin has surged by over 10%, and in the last 24 hours, it has risen by an additional 1.98% to trade at $68,708.
Analyst Javon Marks believes that Bitcoin’s recent breakout from a “descending broadening wedge” pattern could push the price to a range between $90,000 and $96,000. According to a CryptoQuant analyst, the 30-day moving average (30DMA) has sharply risen, closing in on the 365-day moving average (365DMA), and if both lines cross each other (called the “golden cross”), it could indicate further bullish movement.
The analyst also mentioned that Bitcoin’s high transaction volumes since the second half of the year support boostd network activity. However, they warned of potential volatility due to a “rising wedge” formation in Bitcoin’s price chart. Overall, the cryptocurrency’s recent price performance has generated optimism among investors, who are hopeful for even higher prices in the future.
