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Bitcoin Eyes $100K as 'Golden Cross' Signals Bullish Momentum Amid Price Surge

November 1, 2024
Bitcoin Eyes $100K as 'Golden Cross' Signals Bullish Momentum Amid Price Surge
  • 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.

Summary based on 2 sources


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