Bitcoin’s price has yet to hit the $100K milestone, but considering the market’s current state, it seems only a matter of time.
Bitcoin Price Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
The daily chart demonstrates a clear picture of the last 9 months of Bitcoin’s price action, where the market has been consolidating until the beginning of this November.
Yet, following the price’s stabilization above the 200-day moving average, which is currently located around the $68K mark, the market began to rally aggressively and create new all-time highs daily.
Meanwhile, the price experienced a pullback a few days ago, just before reaching the $100K mark. However, the $90K support level has pushed the price back higher, and Bitcoin could finally reach the $100K level in the next few days.
The 4-Hour Chart
The 4-hour chart offers a clearer picture of the recent price action.
The price has been gradually correcting since a rejection from the $99K level, but a V-shaped recovery at the $90K support zone has seemingly ended this correction.
As a result, the market is now climbing toward the $100K level again, and it could only be a matter of time before a 6-figure BTC price is witnessed.
On-Chain Analysis
By Edris Derakhshi (TradingRage)
Active Addresses (100-day Moving Average)
Bitcoin’s network is built on the activity of peers, which is observable because the blockchain system is transparent. Higher network activity can lead to higher BTC prices, as it has before.
This chart presents the Bitcoin active addresses metric, which counts the number of addresses sending and receiving BTC.
The number of active addresses has been rising recently as the price is making new record highs. Yet, it is still much lower than what it was earlier in 2024, when BTC was trading around $40K. Therefore, even higher Bitcoin prices could be expected in the coming months if network activity continues to rise.
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Cryptocurrency charts by TradingView.
