- A current evaluation revealed the opportunity of BTC’s value touching $32,000.
- However, on-chain metrics prompt that BTC’s chart can head in any path.
Bitcoin [BTC] continues to push its value upward and it even crossed the $27,000 mark not too long ago. At press time, BTC was up 4.5% and was buying and selling at $27,331.13 with a market capitalization of $528 billion.
Thanks 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
Read Bitcoin’s [BTC] Price Prediction 2023-24
Bitcoin can attain new highs
BTC loved its bull rally, and a current evaluation posted on CryptoQuant revealed that the rally would possibly proceed. Ankaramurka, an creator and analyst at CryptoQuant, talked about {that a} take a look at Bitcoin utilizing the Elliott Waves evaluation method prompt that Bitcoin nonetheless has an excellent potential to rise in value.
Not solely that, however the value uptick would possibly proceed till BTC touches the resistance stage within the value vary of $29,200 – $32,300, which appears bold. Though the determine might sound excessive to many, curiously, fairly a couple of on-chain metrics supported the opportunity of the uptick.
For occasion, BTC’s MVRV Ratio was significantly up, which was a bullish sign. Negative sentiments round BTC additionally appeared to have declined. BTC’s every day energetic addresses have elevated currently.
Source: Santiment
A grasping market?
It was fascinating to notice that Bitcoin’s Fear and Greed Index had a rating of 64, at press time. This indicated a bullish momentum and prompt an extra uptrend within the coming days.
Source: Alternative.me
Not solely that, a crypto analyst by the title of Stockmoney Lizards on Twitter, identified similarities between BTC’s present and 2019 value motion.
In 2019, BTC’s value registered an enormous uptick of over 150% when its chart was much like that of right this moment’s. Therefore, the opportunity of BTC touching a resistance stage of round $32,000 appeared doubtless.
This bull run simply acquired unstoppable pic.twitter.com/7O3tNPT1bx
— Stockmoney Lizards (@StockmoneyL) March 18, 2023
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Here is the catch
While the aforementioned developments give rise to a powerful bullish notion, issues on the bottom could be a little completely different. BQYoutube, an analyst and creator at CryptoQuant, revealed in an evaluation that BTC’s trade influx was rising, which was a bearish signal.
As trade influx spiked, BTC’s provide on exchanges additionally elevated. This indicated that there was a rise in promoting stress, which may end in a halt to the BTC bull rally.
Additionally, BTC’s Relative Strength Index (RSI) was in an overbought place, additional rising the probabilities of larger promoting stress within the coming days.
Source: CryptoQuant
