- A latest evaluation revealed the opportunity of BTC’s worth touching $32,000.
- Nonetheless, on-chain metrics advised that BTC’s chart can head in any path.
Bitcoin [BTC] continues to push its worth upward and it even crossed the $27,000 mark just lately. At press time, BTC was up 4.5% and was buying and selling at $27,331.13 with a market capitalization of $528 billion.
Due to the uptrend, revenue transactions have greater than doubled in comparison with loss transactions on the BTC community since Wednesday.
🤑 With #Bitcoin leaping above $27k for the primary time since June twelfth, there are 2.4x as many revenue transactions as loss transactions on the $BTC community since Wednesday. Markets are very polarized with #FOMO and drop fears each taking place concurrently. https://t.co/riPv1JYnfg pic.twitter.com/AsZ3485KDR
— Santiment (@santimentfeed) March 17, 2023
Learn Bitcoin’s [BTC] Worth Prediction 2023-24
Bitcoin can attain new highs
BTC loved its bull rally, and a latest evaluation posted on CryptoQuant revealed that the rally would possibly proceed. Ankaramurka, an writer and analyst at CryptoQuant, talked about {that a} have a look at Bitcoin utilizing the Elliott Waves evaluation method advised that Bitcoin nonetheless has an awesome potential to rise in worth.
Not solely that, however the worth uptick would possibly proceed till BTC touches the resistance stage within the worth vary of $29,200 – $32,300, which appears formidable. Although the determine may appear excessive to many, apparently, fairly a number of on-chain metrics supported the opportunity of the uptick.
For example, BTC’s MVRV Ratio was significantly up, which was a bullish sign. Adverse sentiments round BTC additionally appeared to have declined. BTC’s each day energetic addresses have elevated currently.
Supply: Santiment
A grasping market?
It was attention-grabbing to notice that Bitcoin’s Worry and Greed Index had a rating of 64, at press time. This indicated a bullish momentum and advised an additional uptrend within the coming days.
Supply: Different.me
Not solely that, a crypto analyst by the title of Stockmoney Lizards on Twitter, identified similarities between BTC’s present and 2019 worth motion.
In 2019, BTC’s worth registered a large uptick of over 150% when its chart was much like that of immediately’s. Due to this fact, the opportunity of BTC touching a resistance stage of round $32,000 appeared seemingly.
This bull run simply received unstoppable pic.twitter.com/7O3tNPT1bx
— Stockmoney Lizards (@StockmoneyL) March 18, 2023
Is your portfolio inexperienced? Test the Bitcoin Revenue Calculator
Right here is the catch
Whereas the aforementioned developments give rise to a robust bullish notion, issues on the bottom generally is a little totally different. BQYoutube, an analyst and writer at CryptoQuant, revealed in an evaluation that BTC’s change influx was rising, which was a bearish signal.
As change influx spiked, BTC’s provide on exchanges additionally elevated. This indicated that there was a rise in promoting stress, which may lead to a halt to the BTC bull rally.
Moreover, BTC’s Relative Power Index (RSI) was in an overbought place, additional rising the possibilities of larger promoting stress within the coming days.
Supply: CryptoQuant
