{"id":648768,"date":"2024-10-19T04:00:02","date_gmt":"2024-10-19T04:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=648768"},"modified":"2024-10-18T17:27:56","modified_gmt":"2024-10-18T17:27:56","slug":"analyst-points-to-key-bitcoin-metric-indicating-a-strong-uptrend-90k-in-sight","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/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":"<p data-pm-slice=\"1 1 []\">Bitcoin (BTC) has been on an upward trend in recent weeks, showing positive price movements that appear quite <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-holders-profit-hits-95-btc-overheating\/\" target=\"_blank\" rel=\"noopener \">appealing to investors<\/a>.<\/p>\n<p data-pm-slice=\"1 1 []\">According to a recent\u00a0<span style=\"margin: 0px;padding: 0px\"><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/67127b007eadce55476a9c1c-Bitcoin-Establishing-an-Upward-Structure-A-Look-at-Active-Address-Momentum\" rel=\"nofollow\">CryptoQuant<\/a> analysis, a<\/span>\u00a0key metric, &#8220;active address momentum,&#8221; paints a bullish picture for the cryptocurrency.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoins-bull-rally-hinges-on-57k-support-level-heres-why-it-matters\/\" target=\"_blank\" rel=\"noopener \">Bitcoin\u2019s Bull Rally Hinges On $57K Support Level\u2014Here\u2019s Why It Matters<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">Active Address Momentum Signals Upward Market Structure<\/h2>\n<p data-pm-slice=\"1 1 []\">Active addresses represent the number of unique addresses conducting transactions on the Bitcoin network, providing insights into network activity and investor engagement.<\/p>\n<p data-pm-slice=\"1 1 []\">By applying a 30-day moving average (30DMA) and a 365-day moving average (365DMA) to this indicator, the CryptoQuant analyst\u00a0<span style=\"margin: 0px;padding: 0px\">could assess the\u00a0<a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoins-bull-rally-hinges-on-57k-support-level-heres-why-it-matters\/\" target=\"_blank\" rel=\"noopener \">network&#8217;s growing momentum<\/a><\/span>.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/405217\/quicktake\/sUXv1x_058d9a76aaf588fd720e5f2cdc0be51e4fa02f853d10fc4147135a4719bf7a02.png?resize=1280%2C550&#038;ssl=1\" alt=\"Bitcoin active addresses.\" width=\"1280\" height=\"550\"><figcaption class=\"wp-caption-text\">Bitcoin active addresses. } Source: CryptoQuant<\/figcaption><\/figure>\n<p>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<p>The CryptoQuant analyst added that Bitcoin has seen high transaction volumes since the second half of the year, supporting increased network activity.<\/p>\n<p>While the current upward momentum is encouraging, the analyst also warned of potential volatility due to a &#8220;rising wedge&#8221; formation in Bitcoin&#8217;s price chart\u2014a pattern that could lead to significant price swings if the wedge continues to tighten.<\/p>\n<h2>Bitcoin Rally To $90,000 In Sight?<\/h2>\n<p>Bitcoin&#8217;s recent price performance has added to the <a href=\"https:\/\/wncen.com\/bitcoin-news\/massive-bitcoin-move-imminent-7-key-reasons-behind-the-bullish-outlook\/\" target=\"_blank\" rel=\"noopener \">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<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/cahS6ZR2\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=OANDA%3AXAUUSD\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>This upward movement has helped Bitcoin break through a <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-whale-transfers-spike-sign-profit-taking\/\" target=\"_blank\" rel=\"noopener \">major resistance<\/a> zone on its daily chart, sparking predictions of even higher prices.<\/p>\n<p>One notable prediction came from crypto analyst Javon Marks, who recently shared his outlook on X. Marks highlighted that Bitcoin has <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-breaking-out-of-7-month-accumulation-channel-expert-predicts-further-upside\/\" target=\"_blank\" rel=\"noopener \">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<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/massive-bitcoin-move-imminent-7-key-reasons-behind-the-bullish-outlook\/\" target=\"_blank\" rel=\"noopener \">Massive Bitcoin Move Imminent: 7 Key Reasons Behind The Bullish Outlook<\/a><\/div>\n<p>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<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a> (BTC) is now broken out of the displayed &#8216;descending broadening wedge&#8217; pattern and statistics from this type of pattern states that in 81% of cases, the pattern&#8217;s price objective is reached when the resisting line is broken.<\/p>\n<p>Bitcoin&#8217;s Price Objective:<\/p>\n<p>$90,000-$96,000+ <a href=\"https:\/\/t.co\/lPZZtJm7pi\" target=\"_blank\" rel=\"noopener nofollow\">https:\/\/t.co\/lPZZtJm7pi<\/a> <a href=\"https:\/\/t.co\/hudApLSlDj\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/hudApLSlDj<\/a><\/p>\n<p>\u2014 JAVON\u26a1\ufe0fMARKS (@JavonTM1) <a href=\"https:\/\/twitter.com\/JavonTM1\/status\/05349211?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">October 17, 2024<\/a><\/p><\/blockquote>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, &#8220;active address momentum,&#8221; paints a bullish picture for the cryptocurrency. Related Reading: Bitcoin\u2019s Bull Rally Hinges On $57K Support Level\u2014Here\u2019s Why It Matters Active Address Momentum Signals Upward Market Structure Active addresses represent the number of unique addresses conducting transactions on the Bitcoin network, providing insights into network activity and investor engagement. 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&#8217;s growing momentum. 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. The CryptoQuant analyst added that Bitcoin has seen high transaction volumes since the second half of the year, supporting increased network activity. While the current upward momentum is encouraging, the analyst also warned of potential volatility due to a &#8220;rising wedge&#8221; formation in Bitcoin&#8217;s price chart\u2014a pattern that could lead to significant price swings if the wedge continues to tighten. Bitcoin Rally To $90,000 In Sight? Bitcoin&#8217;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. This upward movement has helped Bitcoin break through a major resistance zone on its daily chart, sparking predictions of even higher prices. 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. Related Reading: Massive Bitcoin Move Imminent: 7 Key Reasons Behind The Bullish Outlook 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. #Bitcoin (BTC) is now broken out of the displayed &#8216;descending broadening wedge&#8217; pattern and statistics from this type of pattern states that in 81% of cases, the pattern&#8217;s price objective is reached when the resisting line is broken. Bitcoin&#8217;s Price Objective: $90,000-$96,000+ https:\/\/t.co\/lPZZtJm7pi pic.twitter.com\/hudApLSlDj \u2014 JAVON\u26a1\ufe0fMARKS (@JavonTM1) October 17, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":648780,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,629,680,1119,78790,6664,10923],"class_list":["post-648768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-bitcoin-price-analysis","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Analyst Points To Key Bitcoin Metric Indicating A Strong Uptrend\u2014$90K in Sight?<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has been on an 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These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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