Is Bitcoin About to Explode Above $100,000? (BTC price analysis)

Bitcoin price has not yet reached the $100,000 mark, but given the current market situation, it seems to be only a matter of time.

Bitcoin price analysis

By Edris Derakhshi (TradingRage)

The daily chart

The daily chart shows a clear picture of Bitcoin’s price movement over the past 9 months, during which the market consolidated until early November.

However, after the price stabilized above the 200-day moving average, currently at around $68,000, the market began to rise aggressively, setting new all-time highs daily.

Meanwhile, the price experienced a decline a few days ago just before hitting the $100,000 mark. However, the $90,000 support level has pushed the price back higher and Bitcoin could finally reach the $100,000 level in the next few days.

The 4 hour chart

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

Since the rejection of the $99,000 level, the price has made a gradual correction, but a V-shaped recovery at the $90,000 support zone has seemingly ended this correction.

As a result, the market is now climbing back towards the $100,000 mark and it could only be a matter of time before we see a BTC price in the six figures.

On-chain analysis

By Edris Derakhshi (TradingRage)

Active addresses (100-day moving average)

Bitcoin’s network is based on the activity of peers, which is observable because the blockchain system is transparent. As before, higher network activity can lead to higher BTC prices.

This chart represents the Active Bitcoin Addresses metric, which counts the number of addresses sending and receiving BTC.

The number of active addresses has been increasing recently as the price hits new record highs. However, it is still much lower than it was at the start of 2024, when BTC was trading at around $40,000. Therefore, even higher Bitcoin prices could be expected in the coming months as network activity continues to increase.