- Analysts suggest that BTC could see a significant breakout in the near term.
- Bitcoin’s network value remains expensive relative to price, but the coin could still hit a yearly peak.
Since the beginning of 2023, several weekends have served as a springboard for bitcoin (BTC) Production of green bars.
Interestingly, the period of March 11-13 last week was no different either. But what will happen to BTC in the coming days, with the coin losing and recovering price levels at different intervals?
How much they cost 1,10,100 BTC worth today?
Well, a digital asset trader by the name of Markus Thielen on Twitter No BTC cannot stop its movement at $26,000. Thielen based his decision on his technical analysis. There, he demonstrated that BTC has long-term support.
A small start can face obstacles
Furthermore, the chart showed that the medium-term downtrend may be over. And a short-term break at $25,817 was already underway. According to the analyst, BTC had the potential to end at $28,000 soon.
Looking for King Coins to reach $30,000 before anyone else biggest recoil lately. Therefore, Thielen’s opinion could not be dismissed out of hand.However, enthusiasts of this approach may need to be careful.
a metric that He suggested The uptrend is Network to Value Transactions (NVT) with respect to the circulation of BTC. Circulation NVT provides an overview of the asset’s growth potential. This is obtained using the price-earnings ratio and the daily turnover rate.
At press time, the circulating point NVT was much higher at 538. A high circulating NVT indicates that the network valuation of an asset is higher than the current price displayed on the network.
So it means that the current price of BTC is not cheap compared to its expensive network.
Source: Feeling
Will endorsement and support prevail?
However, the NVT situation does not completely rule out the possibility of a further upside for BTC. This was because whale interest in the coin remains strong.
At the time of publication, opinion data Has shown That there has been a steady increase in BTC transactions from six to seven digits. Such a position confirms the buying pressure of this group. At the same time, the same whales also reduced the sale of parts of their properties. informed of lately.
Source: Feeling
Based on the daily chart, BTC seemed to be in a prime position to continue its rise based on the Awesome Oscillator (AO).
The indicator helps to assess market momentum regarding trend confirmation, reversal, weakness and strength. With the AO at 1455.59, this means that BTC has enough support to reach Thielen’s suggested price level.
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Furthermore, the Directional Movement Index (DMI) also suggested a similar sentiment. At press time, the +DMI (green) was 39.03. And supporting this was the Average Directional Index (ADX), which stood at 27.10.
Source: TradingView
