{"id":648805,"date":"2024-10-19T13:00:08","date_gmt":"2024-10-19T13:00:08","guid":{"rendered":"https:\/\/uniquehot.com\/?p=648805"},"modified":"2024-10-19T06:07:25","modified_gmt":"2024-10-19T06:07:25","slug":"can-bitcoin-price-reach-a-new-all-time-high-golden-cross","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/can-bitcoin-price-reach-a-new-all-time-high-golden-cross\/","title":{"rendered":"Can Bitcoin Price Reach A New All-Time High? This Golden Cross Suggests So"},"content":{"rendered":"

The Bitcoin price and the bull run<\/a> appear to be back on the right track after recording its best weekly performance in the past month. Despite starting the week quietly and hovering around the $63,000 level, the premier cryptocurrency received fresh bullish momentum mid-week, pushing its value to almost $69,000 on Friday.<\/span><\/p>\n

The latest on-chain observation has revealed that the activity level of the Bitcoin network has been on the rise over the past few weeks. While this development might have contributed to the recent price surge, the question is \u2014 how far can it push the value of the flagship cryptocurrency?\u00a0<\/span><\/p>\n

Golden Cross Could Push Bitcoin Price Past $73,737<\/b><\/h2>\n

In a recent Quicktake post on the CrypoQuant platform, an analyst with the pseudonym Yonsei_dent<\/em> revealed<\/a> that Bitcoin price might be forming an upward structure. This bullish prognosis is based on the growth rate of active addresses, which represents the number of unique addresses showing significant activity on the Bitcoin network.<\/span><\/p>\n

Related Reading: Bitcoin ETFs See $1.6B Inflows This Week \u2013 Is BTC Reaching A New ATH Soon?<\/a><\/div>\n

An increase in the number of these active addresses offers insight into the network activity, investor behavior or sentiment, and general market trends. Hence, observing the growth momentum of these unique addresses using moving averages (MAs) of various timelines can be quite useful in assessing current price trends.<\/span><\/p>\n

In their latest analysis, the CryptoQuant analyst utilized a 30-day moving average (30DMA) and a 365-day moving average (365DMA) to capture the growth momentum of the Bitcoin active addresses<\/a>. As shown in the chart below, the 30-day moving average has witnessed a sharp spike over the past month and appears to be approaching the 365DMA.<\/span><\/p>\n

\"Bitcoin
Source: CryptoQuant<\/figcaption><\/figure>\n

According to Yonsei_dent<\/em>, the Bitcoin price could experience a positive shift in bullish momentum if the 30DMA eventually reaches the 365DMA and crosses it to the upside (making a golden cross.) In crypto terms, a <\/span>golden cross<\/span><\/a> refers to a bullish chart that is characterized by a relatively short-term moving average crossing above a long-term moving average.<\/span><\/p>\n

Typically, a golden cross indicates the potential of a long-term bull market starting or resuming. Ultimately, this indicates that the price of Bitcoin could be readying for a charge towards its all-time high of $73,737.\u00a0<\/span><\/p>\n

‘Bitcoin Is Establishing An Upward Structure’ \u2014 Here\u2019s How<\/b><\/h2>\n

As of this writing, the Bitcoin price is about 7% adrift of its record-high level<\/a>. According to data from CoinGecko, the premier cryptocurrency is valued at $68,540, reflecting an over 2% increase in the past day.<\/span><\/p>\n

According to Yonsei_dent<\/em>, the price of Bitcoin has been forming progressively increasing highs and lows since July, suggesting an \u201cupward market structure.\u201d\u00a0<\/span><\/p>\n

Related Reading: BTC Held On Exchanges Hits Lowest Point In 5 Five Years, Here\u2019s What It Means For Bitcoin Price<\/a><\/div>\n

However, It is worth noting that these highs and lows appear to be printing a \u201crising wedge\u201d pattern, which could be bearish for the Bitcoin price.<\/span><\/p>\n

\"Bitcoin
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n
Featured image created by Dall.E, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price and the bull run appear to be back on the right track after recording its best weekly performance in the past month. Despite starting the week quietly and hovering around the $63,000 level, the premier cryptocurrency received fresh bullish momentum mid-week, pushing its value to almost $69,000 on Friday. The latest on-chain observation has revealed that the activity level of the Bitcoin network has been on the rise over the past few weeks. While this development might have contributed to the recent price surge, the question is \u2014 how far can it push the value of the flagship cryptocurrency?\u00a0 Golden Cross Could Push Bitcoin Price Past $73,737 In a recent Quicktake post on the CrypoQuant platform, an analyst with the pseudonym Yonsei_dent revealed that Bitcoin price might be forming an upward structure. This bullish prognosis is based on the growth rate of active addresses, which represents the number of unique addresses showing significant activity on the Bitcoin network. Related Reading: Bitcoin ETFs See $1.6B Inflows This Week \u2013 Is BTC Reaching A New ATH Soon? An increase in the number of these active addresses offers insight into the network activity, investor behavior or sentiment, and general market trends. Hence, observing the growth momentum of these unique addresses using moving averages (MAs) of various timelines can be quite useful in assessing current price trends. In their latest analysis, the CryptoQuant analyst utilized a 30-day moving average (30DMA) and a 365-day moving average (365DMA) to capture the growth momentum of the Bitcoin active addresses. As shown in the chart below, the 30-day moving average has witnessed a sharp spike over the past month and appears to be approaching the 365DMA. According to Yonsei_dent, the Bitcoin price could experience a positive shift in bullish momentum if the 30DMA eventually reaches the 365DMA and crosses it to the upside (making a golden cross.) In crypto terms, a golden cross refers to a bullish chart that is characterized by a relatively short-term moving average crossing above a long-term moving average. Typically, a golden cross indicates the potential of a long-term bull market starting or resuming. Ultimately, this indicates that the price of Bitcoin could be readying for a charge towards its all-time high of $73,737.\u00a0 ‘Bitcoin Is Establishing An Upward Structure’ \u2014 Here\u2019s How As of this writing, the Bitcoin price is about 7% adrift of its record-high level. According to data from CoinGecko, the premier cryptocurrency is valued at $68,540, reflecting an over 2% increase in the past day. According to Yonsei_dent, the price of Bitcoin has been forming progressively increasing highs and lows since July, suggesting an \u201cupward market structure.\u201d\u00a0 Related Reading: BTC Held On Exchanges Hits Lowest Point In 5 Five Years, Here\u2019s What It Means For Bitcoin Price However, It is worth noting that these highs and lows appear to be printing a \u201crising wedge\u201d pattern, which could be bearish for the Bitcoin price. Featured image created by Dall.E, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":648809,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[85423,428,679,78790,83531],"class_list":["post-648805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-active-addresses","tag-bitcoin","tag-bitcoin-price","tag-btcusdt","tag-cryptoquant"],"acf":[],"yoast_head":"\nCan Bitcoin Price Reach A New All-Time High? 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/uniquehot.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Can Bitcoin Price Reach A New All-Time High? 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