{"id":679,"date":"2024-10-19T04:00:20","date_gmt":"2024-10-19T04:00:20","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/analyst-points-to-key-bitcoin-metric-indicating-a-strong-uptrend-90k-in-sight\/"},"modified":"2024-10-19T04:00:20","modified_gmt":"2024-10-19T04:00:20","slug":"analyst-points-to-key-bitcoin-metric-indicating-a-strong-uptrend-90k-in-sight","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/analyst-points-to-key-bitcoin-metric-indicating-a-strong-uptrend-90k-in-sight\/","title":{"rendered":"Analyst Points To Key Bitcoin Metric Indicating A Strong Uptrend\u2014$90K in Sight?"},"content":{"rendered":"

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

According to a recent\u00a0CryptoQuant<\/a> analysis, a\u00a0key metric, “active address momentum,” paints a bullish picture for the cryptocurrency.<\/p>\n

Active Address Momentum Signals Upward Market Structure<\/h2>\n

Active addresses represent the number of unique addresses conducting transactions on the Bitcoin network, providing insights into network activity and investor engagement.<\/p>\n

By applying a 30-day moving average (30DMA) and a 365-day moving average (365DMA) to this indicator, the CryptoQuant analyst\u00a0could assess the\u00a0network’s growing momentum.<\/p>\n

\"Bitcoin<\/p>\n

The analyst emphasized that the 30DMA has sharply risen recently and is closing in on the 365DMA. If a \u201cgolden cross\u201d occurs, where the 30DMA surpasses the 365DMA, it could signal a further bullish trend for Bitcoin, dent reveals.<\/p>\n

The CryptoQuant analyst added that Bitcoin has seen high transaction volumes since the second half of the year, supporting increased network activity.<\/p>\n

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\u2014a pattern that could lead to significant price swings if the wedge continues to tighten.<\/p>\n

Bitcoin Rally To $90,000 In Sight?<\/h2>\n

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.<\/p>\n

\"Bitcoin<\/p>\n

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

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 \u201cdescending broadening wedge\u201d pattern. Statistically, this pattern suggests that when the resisting line is broken, the price objective is reached in 81% of cases.<\/p>\n

In Bitcoin\u2019s case, Marks believes that this breakout could push the price of Bitcoin to a range between $90,000 and even more than $96,000.<\/p>\n

\n

#Bitcoin<\/a> (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.<\/p>\n

Bitcoin’s Price Objective:<\/p>\n

$90,000-$96,000+ https:\/\/t.co\/lPZZtJm7pi<\/a> pic.twitter.com\/hudApLSlDj<\/a><\/p>\n

\u2014 JAVON\"\u26a1\"MARKS (@JavonTM1) October 17, 2024<\/a><\/p>\n<\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u00a0CryptoQuant analysis, a\u00a0key metric, “active address momentum,” paints a bullish picture for the cryptocurrency. Active Address Momentum Signals Upward Market Structure Active addresses represent the number of unique addresses conducting transactions…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[245],"tags":[22,247,28,306,32,36,51,250],"class_list":["post-679","post","type-post","status-publish","format-standard","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-bitcoin-news","tag-bitcoin-price-analysis","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=679"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/679\/revisions"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}