Bitcoin has been on a roll lately, showing its best weekly performance in a month. It’s been steadily climbing, even reaching almost $69,000 last week. But the question remains: how high can it go?
A Golden Cross Could Push Bitcoin Past $73,737
One analyst, using the pseudonym Yonsei_dent, believes Bitcoin might be on the verge of a significant price jump. They’re seeing a bullish pattern based on the number of active addresses on the Bitcoin network.
Think of active addresses like a gauge of how much activity is happening on the Bitcoin network. More active addresses usually mean more people are using Bitcoin, which can be a good sign for the price.
Yonsei_dent looked at two moving averages: a 30-day average and a 365-day average. When the shorter-term average (30-day) crosses above the longer-term average (365-day), it’s called a “golden cross.” This is often seen as a bullish signal, suggesting a potential for a long-term upward trend.
If the golden cross happens, Yonsei_dent believes Bitcoin could break its previous all-time high of $73,737.
Bitcoin’s Upward Structure: A Bullish Trend?
Bitcoin has been making higher highs and higher lows since July, which suggests an upward market structure. However, there’s a potential “rising wedge” pattern forming, which could be a bearish signal.
So, while the golden cross and the upward structure suggest a potential bull run, it’s important to remember that the market can be unpredictable.
The bottom line: Bitcoin is showing some promising signs, but it’s still too early to say for sure if it will reach a new all-time high.
