What Can Help Bitcoin To Break $95,000 On Path To $100,000
If you have been following the $CME Bitcoin - main 2411(BTCmain)$ price movement, we are already seeing Bitcoin taking longer to maintain level above $90,000.
So why is this happening? There are some factors that I would look out for. Basically it is the transaction over 7-day MA (Moving Average), active addresses and new addresses on the Bitcoin network.
Daily Transactions On Bitcoin Network (7DMA) Need To Stay At the Top Near 700k
If we looked at how Bitcoin price have been moving, we can see that transactions was above 700k when we saw Bitcoin price went to a new highs in September, October and also November.
But we are seeing the transactions moving near 500k, so if we saw transactions start to move towards and above 700k, then we could be seeing $95,000 in sight.
New Addresses On Bitcoin Network Signalled Buying Activities
We are seeing signs of new address picking up on the Bitcoin network, but the amount is still not enough to garner enough interest and volume to push the Bitcoin price higher, so I am expecting new addresses to near 400k or cross it.
That will be time when we can see Bitcoin breaking towards $95,000.
Significant Percentage Of BTC Supply In Profit
Broader positive sentiment in the cryptocurrency market have many analysts foresee a bullish trend for Bitcoin in the last quarter of 2024.
I think Bitcoin has managed to overcome the bearish sentiments in the short term with a significant percentage of BTC supply in profit, it is near the previous high in March 2024.
Bitcoin Consolidation Near $90,000. Critical Juncture
Bitcoin’s price has been consolidating near the upper resistance line of this wedge pattern, suggesting a critical juncture.
I would see this consolidation phase as a possible breakout leading to a substantial upside rally, but we could experience a sideway movement around $90,000.
Summary
Bitcoin need another catalyst to power it beyond $95,000, as we have seen CPI up 0.2%, so will investors turn defensive or adopt a wait-and-see attitude before putting Bitcoin as one of the defensive assets.
I would think we could still invest in crypto-related stocks with Bitcoin exposure like $Coinbase Global, Inc.(COIN)$ , $MicroStrategy(MSTR)$ and $Marathon Digital Holdings Inc(MARA)$ (miners).
These stocks should be able to give us considerable returns for the long term as Bitcoin continue to move higher.
Appreciate if you could share your thoughts in the comment section whether you think Bitcoin would be able to break the consolidation phase to try $95,000.
@TigerStars @Daily_Discussion @Tiger_Earnings @TigerWire appreciate if you could feature this article so that fellow tiger would benefit from my investing and trading thoughts.
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