Can the price of Bitcoin reach a new all-time high? The Golden Cross says yes

The price of Bitcoin seems to have risen again after posting the best weekly performance in the last month. Despite a slow start to the week around the $63,000 level, the biggest cryptocurrency got a strong boost in the middle of the week, pushing its value to almost $69,000 on Friday.

Recent chain analyzes show activity on the Bitcoin network has increased significantly in the past few weeks. Although this increase in network activity seems to have contributed to the recent price increase, the question remains: how much higher can Bitcoin rise?

The Golden Cross could propel Bitcoin to new heights

In a recent study on CryptoQuant, the analyst Yonsei_dent suggested that Bitcoin may be currently forming an up market structure. This forecast is based on the growth of the number of active addresses on the Bitcoin network, a key indicator of investor activity.

The increase in active addresses provides valuable insights into market sentiment and general trends. Yonsei_dent used the 30-day moving average (30DMA) and the 365-day moving average (365DMA) to measure the growth trend of these addresses.

According to Yonsei_dent, Bitcoin could experience another positive surge when the 30DMA crosses the 365DMA in a “so-called”Gold Cross“. This pattern often signals the beginning of a long-term bull market, which may indicate that Bitcoin is preparing to attack the all-time high of $73,737.

Strong market structure upside for Bitcoin

Currently, the price of Bitcoin is about 8% below its all-time high. Yonsei_dent points out that Bitcoin has been showing highs and lows since July, indicating an “upward market structure.” These tops and highs indicate that there is strength behind price movements, which is a good sign for further increases.

Caution required: possible bear trap due to rising wedge

While the outlook appears positive, it is important to note that current price movements show a “rising piece” pattern. This pattern can in some cases be a bearish signal and indicate a possible correction if the course without breaking through this pattern. So investors are still cautious waiting for further developments.