{"id":14988,"date":"2024-10-19T04:00:02","date_gmt":"2024-10-19T04:00:02","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=14988"},"modified":"2024-10-19T04:00:02","modified_gmt":"2024-10-19T04:00:02","slug":"analyst-points-to-key-bitcoin-metric-indicating-a-strong-uptrend-90k-in-sight","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=14988","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<\/a>.<\/p>\n

According to a recent\u00a0CryptoQuant<\/a> analysis, a\u00a0key metric, \u201cactive address momentum,\u201d 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\u2019s growing momentum<\/a>.<\/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 \u201crising wedge\u201d formation in Bitcoin\u2019s 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\u2019s recent price performance has added to the optimism among investors<\/a>. 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

This upward movement has helped Bitcoin break through a major resistance<\/a> 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<\/a>. 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

#Bitcoin<\/a> (BTC) is now broken out of the displayed \u2018descending broadening wedge\u2019 pattern and statistics from this type of pattern states that in 81% of cases, the pattern\u2019s price objective is reached when the resisting line is broken.<\/p>\n

Bitcoin\u2019s Price Objective:<\/p>\n

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

\u2014 JAVONMARKS (@JavonTM1) October 17, 2024<\/a><\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>","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, \u201cactive address momentum,\u201d 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":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-14988","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/14988"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14988"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/14988\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}