Bitcoin

when

Daily

Higher

<p>Bitcoin’s price has yet to hit the $100K milestone, but considering the market’s current state, it seems only a matter of time.</p>
<h2 id="b-bitcoin-price-analysis-b"><b>Bitcoin Price Analysis</b></h2>
<p>By Edris Derakhshi (TradingRage)</p>
<h3 id="b-the-daily-chart-b"><b>The Daily Chart</b></h3>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<figure id="attachment_372815" aria-describedby="caption-attachment-372815" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-Daily-Nov-29-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-372815" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="b-the-4-hour-chart-b"><b>The 4-Hour Chart</b></h3>
<p>The 4-hour chart offers a clearer picture of the recent price action.</p>
<p>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.</p>
<p>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.</p>
<figure id="attachment_372814" aria-describedby="caption-attachment-372814" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-29-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-372814 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-29-2024-scaled.jpg" alt="btc_price_chart_0112242" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-29-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-29-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-29-2024-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-29-2024-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-29-2024-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-29-2024-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-29-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-372814" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="b-on-chain-analysis-b"><b>On-Chain Analysis</b></h2>
<p>By <a href="https://crypoptionhub.com/authors/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi (TradingRage)</a></p>
<h3 id="b-active-addresses-100-day-moving-average-b"><b>Active Addresses (100-day Moving Average)</b></h3>
<p>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.</p>
<p>This chart presents the Bitcoin active addresses metric, which counts the number of addresses sending and receiving BTC.</p>
<p>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.</p>
<figure id="attachment_372816" aria-describedby="caption-attachment-372816" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-2-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-372816 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-2-scaled.jpg" alt="btc_active_addresses_chart_0112241" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-2-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-2-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-2-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-2-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-2-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-2-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-2-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-372816" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/calm-before-the-storm-is-bitcoin-about-to-explode-above-100k-btc-price-analysis/" rel="noopener noreferrer nofollow">Calm Before the Storm: Is Bitcoin About to Explode Above $100K? (BTC Price Analysis)</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Calm Before the Storm: Is Bitcoin About to Explode Above $100K? (BTC Price Analysis)

Table of Contents

CryptoPotato_News

Other articles published on Dec 1, 2024

Qubetics Usability Redefined, Cardano The Scalable Eco-Friendly Blockchain and Immutable X The NF...

Ripple Unlocks 1B XRP as Market Awaits Next Price Move

Anthony Pompliano Analyzes MicroStrategy’s Bitcoin Strategy and Warns of Overlooked Investor Risks

Decentraland (MANA) and Lightchain Protocol AI The Metaverse Meets the Power of AI-Driven Blockch...

Ethereum Price Prediction: ETH Rival Priced Under $0.012 Is Set To Dominate The DeFi Market, Sola...

Pandoshi Coin: Exploring its Role in the Cryptocurrency Ecosystem

Join our free newsletter for daily crypto updates!