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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin’s Active Addresses Signals Golden Cross—What Next For BTC?

Samuel Edyme
Samuel Edyme
10 months ago
3 mins read
Bitcoin Active Addresses Signals Golden Cross—What Next For BTC?

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Bitcoin on-chain activity is gaining momentum as a CryptoQuant analyst, known as ‘Yonsei Dent,’ recently pointed to a potential golden cross within the active addresses metric.

This indicator tracks the number of unique addresses engaging with the Bitcoin network, providing insights into the network’s overall activity, investor involvement, and possible market directions.

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Golden Cross On Bitcoin Active Addresses

According to Dent’s analysis, applying a monthly and annual moving average to this number of active addresses metric could indicate a shift toward bullish momentum. A high number of active addresses generally suggests strong participation, while fewer addresses may indicate reduced interest.

Dent noted that when the 30-day moving average of active addresses crosses above the 365-day moving average—a phenomenon known as a “golden cross”—it often correlates with upward price momentum in the Bitcoin market.

Bitcoin (BTC) active addresses.
Bitcoin (BTC) active addresses. | Source: CryptoQuant

This alignment between short-term and long-term trends can suggest renewed interest among both retail and institutional investors, which could potentially sustain or even increase Bitcoin’s value.

Furthermore, the concept of the golden cross in active addresses is significant in light of previous market cycles, Dent pointed out.

According to the CryptoQuant analyst, the last notable shift in Bitcoin’s active addresses occurred post all-time high (ATH) levels, leading to what is called a “dead cross,” where the short-term average fell below the long-term average.

This pattern typically signals bearish sentiment or market stagnation. However, the current reversion to a golden cross shows a different scenario. Transaction volumes are almost double what they were during Bitcoin’s 2021 price cycle, a favourable sign of increased market engagement and potential upward momentum.

The analyst concluded that a weaker or inconclusive golden cross could lead to a repeat of mid-2021 trends, where price gains faced strong resistance without maintaining upward movement.

BTC On Track For $100k Rally?

In the past weeks, Bitcoin has seen quite a noticeable rebound in price, reclaiming price levels it once faced resistance in. So far, the asset has recorded double digit gains in the slightly higher time frames suggesting that a positive momentum has begun.

Particualry, in the past 30 days, BTC has increased by 13% and nearly 10% in the past 7 days. This increase has brought the asset price to currently trade above $72,000 as of today.

This price zone not only equals 2.3% decrease from its ATH registered in March 2024 but also marks a vital level that makes the increase above $100,000 more likely.

Related Reading

Bitcoin

“Time To Get Ready For Another Bull Run,” Bitcoin Analyst Says— Here’s Why

10 months ago

Highlighting this, renowned crypto analyst, Javon Marks noted that with Bitcoin so far holding above $67,559, the rally to $116,652 is in play.

#Bitcoin (BTC) has just recently marked its highest 3 Day close EVER, and is currently holding above a vital level at $67,559.

Being above this level means the target at $116,652 is, according to technicals, in play, implying room for another +61.2% upside from here! https://t.co/R483X5gC5J pic.twitter.com/rBKjwXdPft

— JAVON⚡️MARKS (@JavonTM1) October 30, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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