Bitcoin has shown a strong upward trend lately, appealing to investors with positive price movements. A recent CryptoQuant analysis highlights the key metric of "active address momentum" as painting a bullish picture for Bitcoin.
Active addresses, indicating network activity and investor engagement, are analyzed using a 30-day moving average (30DMA) and a 365-day moving average (365DMA). A potential "golden cross," where the 30DMA surpasses the 365DMA, could indicate a further bullish trend.
The CryptoQuant analysis also notes high transaction volumes supporting increased network activity. However, the "rising wedge" pattern could lead to significant volatility if it continues to tighten.
Javon Marks, a crypto analyst, highlights the breakout from a "descending broadening wedge." If the price objective is reached, Bitcoin might range between $90,000 and $96,000. His analysis suggests optimistic prospects for Bitcoin's price trajectory based on recent patterns.
