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 <p>However, the on-chain data for Bitcoin shows an overall improvement in network activity. While the BTC price recently corrected from $32,000 to $29,000, the total number of new Bitcoin addresses has continued to rise. “<span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">This bullish divergence between price and network growth hints at a stable long-term BTC </span><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">uptrend. Buy the dip!” writes popular crypto analyst Ali Martinez.&nbsp;</span></p>  
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    Courtesy: Glassnode 
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 <p>Other on-chain indicators also signal a bullish momentum for Bitcoin. Martinez explains: “<span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">All major </span><span class="r-18u37iz">$BTC</span><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0"> oscillators (MVRV, aSOPR, Puell Multiple, and Reserve Risk) continue to hover above the 0 line. This indicates the ongoing price correction might just be a blip”.</span></p> 
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    Courtesy: Glassnode/ Ali Martinez 
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 <h3 id="bitcoin-golden-cross-btc-price-recovery-begins">Bitcoin Golden Cross, BTC Price Recovery Begins</h3> 
 <p>In a post on TradingView last week August 4, crypto trading analyst TradingShot noted that Bitcoin has just crossed the golden-cross indicator for the third time in history. Thus, it could be the beginning of a new bull rally to another record-high level.</p>  
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 <p>The golden cross pattern happens when a short-term moving average rises above a long-term moving average i.e. 50 DMA crossing the 200 DMA. This basically suggests a positive trend for the cryptocurrency. During the previous two golden-cross instances, the BTC price rallied significantly thereafter.</p>  
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    Courtesy: TradingShot 
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 <p>Citing previous Golden cross cycles, TradingShot noted that the next upward target for Bitcoin would be its current ATH i.e. $69,000. “It could be a fair estimate that Bitcoin would have reached the current ATH ($69,000) by around this time next year,” he said.</p> 
 <p>It’s important to mention that the unique circumstances of the March 2020 COVID-19 crash, which was like a Black Swan event, temporarily disrupted the usual pattern. Experts predict that the upcoming Bitcoin halving in 2024 might start a new market cycle. However, in the short term, there are concerns that Bitcoin’s price could drop below $29,000.</p> 
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Bitcoin Forms Third Golden Cross In History, Recovery to ATH?

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