As a seasoned crypto investor with a decade of experience under my belt, I find myself both excited and cautiously optimistic about the current state of Bitcoin (BTC). Having weathered numerous market cycles, I can attest to the rollercoaster ride that is crypto investing. The recent price surge to $68,400, forming a new higher-high pattern, is a bullish sign that I’ve seen before, but never take it for granted.
On October 16, the price of Bitcoin (BTC) reached another record monthly high of $68,400, marking the formation of a new upward trend known as HH3 in the financial markets. After an hourly correction of 3.41% on October 15, Bitcoin quickly recorded a fresh weekly peak. Meanwhile, Bitcoin’s underlying data is also showing signs of improvement, with the number of active addresses suggesting a growing interest in the market and increased user activity.
When prices fluctuate around the $70,000 mark, experts are discussing a critical price band that could trigger a temporary dip or interrupt a six-month declining trend.
Bitcoin price is in the window, says analyst
Following Bitcoin’s peak at an unprecedented value of $73,881 in March 2024, BTC has displayed a 217-day decline characterized by a sequence of progressively higher bottoms and lower bottoms within the context of a widening descending wedge formation.
At present, the weekly graph shows Bitcoin making its fourth effort to surpass the 217-day upper trendline. This potential breakthrough could significantly impact Bitcoin’s future price direction immediately.
Earlier, CryptoMoon stated that the price levels of $68,300 to $67,300 could be a significant turning point for Bitcoin. If this range can switch from resistance to support, it could potentially halt the ongoing downward trend.
In a similar vein, experienced trader Peter Brandt has pointed out a specific price range and believes that the current Bitcoin price falls within this ‘price window’ he mentioned. Furthermore, the trader asserts this observation.
“Will Bitcoin escape through the window or have the window slammed on its head?”
Currently, BitQuant, a self-governing trading entity, posits that once Bitcoin surpasses the $70,000 mark, it might enter a lengthy price range fluctuation between approximately $95,000 and $75,000.
Bitcoin active addresses exhibit a “positive shift”
Although Bitcoin’s value could experience fluctuations in the near future due to market uncertainties, positive advancements in its on-chain data suggest that a strong upward trend is gradually building up for the long haul.
According to Cryptoquant’s data, there’s been a substantial increase in the number of active Bitcoin wallets since early September.
Over the last 45 days, the trend of active Bitcoin addresses, as depicted here, has switched from a decline to an uptick.
As a researcher, I find it noteworthy when the Active Address Indicator surpasses both the 30-day and 1-year moving averages. This upward movement suggests a promising uptick in user interaction and market demand within the crypto realm, as indicated by my analysis using Cryptoquant tools.
“Historically, active user participation has been a critical parameter in every bullish cycle, suggesting that demand is returning to the network.”
As Bitcoin‘s influence reaches its highest point in nearly four years, there’s growing optimism about the leading cryptocurrency following a turbulent beginning to October.
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2024-10-16 20:16