As a seasoned trader with over a decade of experience in the cryptocurrency market, I have witnessed Bitcoin’s remarkable journey from its inception to becoming a household name. The current surge in price is reminiscent of the 2017 bull run, but this time around, I believe we are seeing a more sustainable growth driven by institutional adoption and increased mainstream acceptance.
As a researcher studying cryptocurrencies, I find myself reflecting on the elusive $100K mark for Bitcoin. Despite us not having reached this milestone yet, given the current market conditions, it appears increasingly likely that we will soon break through this barrier.
Bitcoin Price Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
Over the past nine months, a graph showing Bitcoin’s price fluctuations provides a vivid representation, revealing that the market had been stabilizing and contracting until around early November.
After the price held steady above its 200-day moving average, approximately $68K, the market started to surge powerfully, setting fresh record highs every day.
In recent times, the price had a temporary dip right before hitting the $100K milestone. But the strong support at $90K caused the price to rebound, suggesting that we might see Bitcoin reaching $100K within the coming days.
The 4-Hour Chart
The 4-hour chart offers a clearer picture of the recent price action.
The price has been slowly decreasing since it was rejected at the $99,000 mark, but it appears that the downward trend caused by the rejection has been halted following a strong bounce back at the $90,000 support area.
Due to recent trends, it appears that the market is once more approaching the $100,000 mark. It might not be long before we see Bitcoin’s price break through the six-figure barrier.
On-Chain Analysis
By Edris Derakhshi (TradingRage)
Active Addresses (100-day Moving Average)
The structure of Bitcoin’s network relies on the actions of individual participants (peers), making it easily observable due to the transparency provided by the blockchain system. Increased network activity tends to drive up the cost of Bitcoin (BTC), a pattern that has been seen in the past.
This graph illustrates the Bitcoin Active Addresses statistic, which tallies up the number of Bitcoin addresses both sending and receiving transactions.
Lately, we’ve seen an increase in the number of active Bitcoin addresses due to record-breaking prices. However, this figure is significantly lower than it was back in 2024 when BTC was hovering around $40K. This suggests that there might be further price increases for Bitcoin in the near future if network activity keeps growing.
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2024-12-01 14:23