Is Bitcoin About to Explode Above $100,000? (BTC Price Analysis)

The price of Bitcoin has yet to reach the $100,000 milestone, but given the current state of the market, it seems like it’s only a matter of time.

Bitcoin Price Analysis

By Edris Derakhshi (TradingRage)

The daily chart

The daily chart shows a clear picture of the last 9 months of Bitcoin price action, where the market has been consolidating until the beginning of this November.

However, after the price stabilized above the 200-day moving average, which is currently around $68,000, the market started to recover aggressively and created new all-time highs on a daily basis.

Meanwhile, the price experienced a pullback a few days ago, just before reaching $100,000. However, the $90,000 support level has pushed the price higher and Bitcoin could finally reach the $100,000 level in the coming days.

Source: TradingView The 4-hour chart

The 4-hour chart provides a clearer picture of recent price action.

The price has been gradually correcting from a rejection of the $99,000 level, but a V-shaped recovery to the $90,000 support zone seems to have ended this correction.

As a result, the market is climbing back towards the $100,000 level, and it could only be a matter of time before a 6-figure BTC price is seen.

Source: TradingView On-Chain Analysis

By Edris Derakhshi (TradingRage)

Active addresses (100-day moving average)

The Bitcoin network is based on peer activity, which is observable because the blockchain system is transparent. Increased network activity can lead to higher BTC prices, as has happened before.

This chart presents the Bitcoin Active Addresses metric, which counts the number of addresses that send and receive BTC.

The number of active addresses has increased recently as the price is making new all-time highs. However, it is still much lower than it was at the beginning of 2024, when BTC was trading around $40,000. Therefore, even higher Bitcoin prices could be expected in the coming months if network activity continues to increase.

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