Bitcoin Stuck at $29,000-Here’s When You Can Expect a Bullish Breakout beyond $30,000

The weekend trade remained largely stagnant as volatility dropped to its lowest levels as the price failed to rise during the weekend trade. The crypto volume has been plunging for nearly a week now, due to which the prices of the majority of tokens have been stuck in a range. Amid the speculation and perceptions, below are a few factors that indicate the possibility of a bullish breakout in Bitcoin.

The Bitcoin (BTC) price has entered strong consolidation levels and is trading around $29,000, leaving market participants perplexed about the next move. Meanwhile, some of the factors are hinting at a possible upward movement, which may lift the price beyond the bearish captivity.

Firstly, the Bitcoin network has registered an improvement in network activity as a notable rise in new addresses has been witnessed. During the recent drop from $32,000 to $29,000, the number of new addresses has surged from around 632,000 to as high as 750,000 addresses per day, indicating a rise in adoption levels.

Besides the other indicators like MVRV, aSOPR, Puell Multiple, Reserve Risk, etc., they are flashing bullish signals, which indicates the ongoing price action could be only a minor pullback, subjected to a flip.

Besides, one of the major bullish events is fast approaching the BTC price as it is about to undergo a ‘Golden Cross’ in the 3-day chart. One of the popular analysts, Tradingshot, discovered a possible bullish scenario that is fast approaching the crypto markets. BTC is about to witness a golden cross.

This event occurs whenever the 50-day MA line crosses the 200-day MA line and heads toward the north. This crossover is a positive signal for the crypto space as the Bitcoin price may explode significantly. The analyst noted that the price could shoot up finely and in a year’s time, the price may even test the current ATH at around $69,000.