Bitcoin Active Addresses Surge to 6-Month High—$100K Price Target in Sight?

Bitcoin’s network activity just flashed a bullish signal: active addresses hit their highest level since November 2024. Traders are now whispering about a potential run toward six figures—just as Wall Street analysts start ’discovering’ crypto again (right on schedule).

Network Momentum Builds

The surge in active addresses suggests renewed retail interest, historically a precursor to price rallies. On-chain data shows accumulation patterns mirroring early 2024’s breakout.

Price Speculation Heats Up

With Bitcoin hovering near all-time highs, the $100K psychological barrier becomes the next battleground. Skeptics warn of overleveraged longs—because nothing fuels a crypto rally like a margin call bloodbath waiting to happen.

Bitcoin Reaches 6-Month Peak In Network Activity

One of the most notable shifts in market dynamics came from the on-chain side. According to crypto analyst Ali Martinez, Bitcoin just recorded its highest number of active addresses in the past six months. As shared in a post on social media platform X, Martinez noted that 925,914 BTC addresses were active within a single day, which is an unusually high level of engagement on the Bitcoin blockchain.

The accompanying Glassnode chart reveals how steep this surge has been, building on a gradual climb that started in the last week of April. Interestingly, the spike in Bitcoin activity coincides with its recent reclaim of the $95,000 price range. 

Image From X: @ali_charts

Adding to the bullish case, crypto analyst TehThomas shared a compelling technical analysis that pointed to a breakout continuation toward $100,000. Interpretation of the BTCUSDT 4-hour timeframe shows an almost identical structure to the one seen in mid-April. 

Back then, Bitcoin consolidated near $86,000, broke out, left behind a fair value gap (FVG), retested the gap, and rallied nearly $10,000. A mirror image of this pattern is currently unfolding. The Bitcoin price compressed below $95,000, broke through resistance, and created a fresh FVG between $94,200 and $95,000.

TehThomas noted that the key is not to chase the breakout but to wait for a clean retest of the new FVG. If buyers defend that area as they did earlier this month, the road to $100,000 is structurally intact. However, even though the structure currently favors the bulls, the situation could turn bearish if Bitcoin drops back into the old range below $94,000.

Bearish Golden Pocket Setup Highlights Risk Ahead

Not all analysts are convinced that Bitcoin will reach $100,000 again without a shakeout first. A counterview on the TradingView platform highlights a possible short-term bearish setup based on the BTCUSDT 15-minute chart. 

According to the analyst, the current upward retracement appears corrective rather than impulsive, forming a classic short setup within a strong fair value gap resistance zone. Technical analysis shows that Bitcoin has retraced into a region that aligns with a bearish fair value gap and the golden pocket zone defined by the 0.618 to 0.65 Fibonacci levels.

As it stands, the fair value gap is sitting between $97,000 and $97,450. Should price fail to break through this supply region, it could reverse and catch bulls off guard.

At the time of writing, Bitcoin was trading at $96,040.

Featured image from Unsplash, chart from TradingView