Bitcoin's price has seen a significant rebound, rising by 13% over the past month and nearly 10% in the last week, currently trading above $72,000 as of October 30, 2024.

This current price is just 2.3% below its all-time high reached in March 2024, indicating a strong possibility of a rally towards $100,000.

Analyst Javon Marks has identified a critical price level of $67,559 for Bitcoin, suggesting that maintaining this level could lead to a target price of $116,652, reflecting a potential upside of 61.2%.

Analyst Yonsei Dent has noted an increase in Bitcoin's on-chain activity, highlighting a potential 'golden cross' in active addresses, which could signal bullish momentum.

A 'golden cross' occurs when the 30-day moving average of active addresses surpasses the 365-day moving average, often indicating a bullish trend in the market.

Previous golden crosses in Bitcoin have correlated with upward price movements, suggesting renewed interest from both retail and institutional investors.

Currently, transaction volumes in Bitcoin are nearly double those observed during its 2021 price cycle, indicating heightened market engagement.

The active addresses metric, which tracks unique addresses engaging with the Bitcoin network, reflects overall activity and investor involvement.

Historically, significant shifts in Bitcoin's active addresses have led to bearish sentiment, as seen with the 'dead cross' after previous all-time highs, but the current golden cross signals a potentially different scenario.

Dent cautioned that a weak or unclear golden cross might mirror mid-2021 trends, where upward price movements faced resistance.

The current performance of Bitcoin and the emerging golden cross may suggest the possibility of another bullish run, contrasting with the stagnant trends observed in mid-2021.