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Assessing the odds of Bitcoin touching $32,000 in the near term

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Assessing the odds of Bitcoin touching $32,000 in the near term
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  • A recent analysis revealed the possibility of BTC’s price touching $32,000.
  • However, on-chain metrics suggested that BTC’s chart can head in any direction. 

Bitcoin [BTC] continues to push its price upward and it even crossed the $27,000 mark recently. At press time, BTC was up 4.5% and was trading at $27,331.13 with a market capitalization of $528 billion.

Thanks to the uptrend, profit transactions have more than doubled compared to loss transactions on the BTC network since Wednesday. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

Bitcoin can reach new highs

BTC enjoyed its bull rally, and a recent analysis posted on CryptoQuant revealed that the rally might continue. Ankaramurka, an author and analyst at CryptoQuant, mentioned that a look at Bitcoin using the Elliott Waves analysis technique suggested that Bitcoin still has a great potential to rise in price. 

Not only that, but the price uptick might continue until BTC touches the resistance level in the price range of $29,200 – $32,300, which seems ambitious. Though the figure might seem high to many, interestingly, quite a few on-chain metrics supported the possibility of the uptick. 

For instance, BTC’s MVRV Ratio was considerably up, which was a bullish signal. Negative sentiments around BTC also seemed to have declined. BTC’s daily active addresses have increased lately.

Source: Santiment

A greedy market?

It was interesting to note that Bitcoin’s Fear and Greed Index had a score of 64, at press time. This indicated a bullish momentum and suggested a further uptrend in the coming days. 

Source: Alternative.me

Not only that, a crypto analyst by the name of Stockmoney Lizards on Twitter, pointed out similarities between BTC’s current and 2019 price action.

In 2019, BTC’s price registered a massive uptick of over 150% when its chart was similar to that of today’s. Therefore, the possibility of BTC touching a resistance level of around $32,000 seemed likely. 

Is your portfolio green? Check the Bitcoin Profit Calculator

Here is the catch 

While the aforementioned developments give rise to a strong bullish notion, things on the ground can be a little different. BQYoutube, an analyst and author at CryptoQuant, revealed in an analysis that BTC’s exchange inflow was increasing, which was a bearish sign. 

As exchange inflow spiked, BTC’s supply on exchanges also increased. This indicated that there was an increase in selling pressure, which could result in a halt to the BTC bull rally.

Additionally, BTC’s Relative Strength Index (RSI) was in an overbought position, further increasing the chances of higher selling pressure in the coming days. 

Source: CryptoQuant

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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