- A recent analysis shows that the BTC price has the potential to reach $32,000.
- However, on-chain metrics suggested that the BTC chart could go either way.
Bitcoin (BTC) Its price continues to rise and recently even crossed the $27,000 mark. At press time, BTC was rose 4.5% and traded at $27,331.13 with a market capitalization of $528 billion.
Thanks to the uptrend, profit trading has more than doubled compared to loss trading on the BTC network since Wednesday.
🤑 with #bitcoin There are 2.4 times as many profitable trades as profitable trades, breaking above $27,000 for the first time since June 12. $BTC Network from Wednesday. The markets are highly polarized. #FOMO And let go of the fear of both happening at the same time. pic.twitter.com/AsZ3485KDR
— Feeling (@santimentfeed) March 17, 2023
Reading Bitcoin (BTC) Price Prediction 2023-24
bitcoin could hit a new high
BTC enjoyed its Bull Rally most recently Analysis The post on CryptoQuant revealed that the rally could continue. Ankaramurka, a writer and analyst at CryptoQuant, noted that a look at bitcoin using the Elliott Waves analysis technique suggested that bitcoin still has a lot of potential to rise in price.
Not only that, but the price surge could continue until BTC touches the resistance level of $29,200 – $32,300 price range, which seems ambitious. While this number may seem excessive, interestingly, some on-chain metrics favor the potential for a rally.
For example, BTcThe stock’s MVRV ratio rose significantly, which was a bullish sign. The negative sentiment around BTC has also subsided. BTC daily active addresses have increased recently.
A greedy market?
It was interesting to note that at press time, the Bitcoin Fear and Greed Index had a score of 64. It indicated bullish momentum and indicated more upside in the coming days.
Source: alternative.me
Not only that, a cryptocurrency analyst by the name of Stockmoney Lizards on Twitter pointed out similarities between the current BTC price action and that of 2019.
In 2019, BTcrecorded a massive increase of more than 150% in its price when its chart was similar to today’s. Therefore, it seems likely that BTC will touch the resistance near $32,000.
this bullfight was simply unstoppable pic.twitter.com/7O3tNPT1bx
— Stockmoney Lizard (@StockmoneyL) March 18, 2023
Is your wallet green? check bitcoin earnings calculator
here is the catch
While the above developments give rise to strong bullish sentiment, things may be slightly different on the ground. BQYouTube, analyst and author of CryptoQuant, revealed in a Analysis He BTcThe trade flow was increasing, which was a bearish sign.
As exchange flows increased, the supply of BTC on exchanges also increased. This indicates that there has been an increase in selling pressure, which could result in a stalling of the BTC bullish rally.
In addition, the relative strength index (RSI) of BTC was at the one more buyers The situation raises the possibility of increased selling pressure in the coming days.
Source: CryptoQuant
