If you’ve been tracking Bitcoin’s price movements, you may have noticed that it’s struggling to hold levels consistently above $90,000. This prolonged consolidation has sparked speculation about whether the cryptocurrency is gearing up for its next big move.

The broader positive sentiment in the cryptocurrency market has many analysts predicting a bullish trend for Bitcoin as we enter the final quarter of 2024. However, the momentum still appears to be building slowly.

One key indicator of network activity—new Bitcoin addresses—has shown signs of growth recently. Despite this, the number of new addresses remains insufficient to drive the level of interest and trading volume needed for a significant price surge. My expectation is that if the number of new addresses approaches or surpasses 400,000, we could witness Bitcoin breaking through the $95,000 mark.

In the short term, Bitcoin has managed to shrug off bearish sentiment, with a substantial portion of its supply currently in profit. This metric is now nearing levels last seen during its previous peak in March 2024.

Bitcoin’s price is also consolidating near the upper resistance line of a wedge pattern, signaling a critical juncture. A breakout above this resistance could confirm the start of a new upward trend, potentially propelling Bitcoin to fresh highs.

As the market awaits further developments, all eyes remain on Bitcoin’s ability to sustain its momentum and whether the broader market sentiment will push it to break past its key resistance levels.

Coinbase stocks still have the potential to deliver substantial long-term returns as Bitcoin continues its upward trajectory.