Bitcoin Hits 6-Month High In Active Addresses: Is $100K The Next Target?

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Bitcoin bulls are trying to propulsion higher from conscionable nether $97,000, attempting to corroborate its latest breakout supra a multi-day consolidation range. After stalling adjacent $95,000 for implicit a week, Bitcoin broke retired to $97,000 earlier reversing and forming a just worth gap.

This has led to a surge successful enactment connected the Bitcoin blockchain, and the adjacent outlook is whether the existent structure holds for a continuation to $100,000 oregon if this momentum could falter astatine a portion of resistance.

Bitcoin Reaches 6-Month Peak In Network Activity

One of the astir notable shifts successful marketplace dynamics came from the on-chain side. According to crypto expert Ali Martinez, Bitcoin just recorded its highest number of progressive addresses successful the past six months. As shared successful a station connected societal media level X, Martinez noted that 925,914 BTC addresses were progressive wrong a azygous day, which is an unusually precocious level of engagement on the Bitcoin blockchain.

The accompanying Glassnode illustration reveals however steep this surge has been, gathering connected a gradual ascent that started successful the past week of April. Interestingly, the spike successful Bitcoin enactment coincides with its caller reclaim of the $95,000 terms range.

Image From X: @ali_charts

Adding to the bullish case, crypto expert TehThomas shared a compelling method investigation that pointed to a breakout continuation toward $100,000. Interpretation of the BTCUSDT 4-hour timeframe shows an astir identical operation to the 1 seen successful mid-April.

Back then, Bitcoin consolidated adjacent $86,000, broke out, near down a just worth spread (FVG), retested the gap, and rallied astir $10,000. A reflector representation of this signifier is presently unfolding. The Bitcoin terms compressed beneath $95,000, broke done resistance, and created a caller FVG betwixt $94,200 and $95,000.

TehThomas noted that the cardinal is not to pursuit the breakout but to hold for a cleanable retest of the caller FVG. If buyers support that country arsenic they did earlier this month, the roadworthy to $100,000 is structurally intact. However, adjacent though the operation presently favors the bulls, the concern could crook bearish if Bitcoin drops backmost into the aged scope beneath $94,000.

Chart from TradingView

Bearish Golden Pocket Setup Highlights Risk Ahead

Not each analysts are convinced that Bitcoin volition scope $100,000 again without a shakeout first. A counterview on the TradingView level highlights a imaginable short-term bearish setup based connected the BTCUSDT 15-minute chart.

According to the analyst, the existent upward retracement appears corrective alternatively than impulsive, forming a classical abbreviated setup wrong a beardown just worth spread absorption zone. Technical investigation shows that Bitcoin has retraced into a portion that aligns with a bearish just worth spread and the aureate pouch portion defined by the 0.618 to 0.65 Fibonacci levels.

As it stands, the just worth spread is sitting betwixt $97,000 and $97,450. Should terms neglect to interruption done this proviso region, it could reverse and drawback bulls disconnected guard.