Decoding if Bitcoin is headed for a $32k run in the coming days
Back and forth – that’s been the momentum Bitcoin [BTC] since it hit $25,000 on August 15th. While investors may have hoped for a further rise, it has not been the case as BTC consolidated around the $23,800 support level.
Earlier there had been talk of BTC showing bearish momentum as these estimates emerged from unsurprising quarters.
Economist and extroverted Bitcoin rebel Peter Schiff stated that the number one cryptocurrency was headed for the ruins. According to him, the bearish momentum would take BTC to $10,000.
According to CoinMarketCap, BTC was holder at $24,000 with a fall of 0.25% in the last 24 hours.
The crypto king also registered less than 1% increase in the last seven days.
Just to put #Bitcoin collect in perspective, take a look at this chart. The pattern is still very bearish. There is both a double top and a head and shoulders top. There is a rising wedge below the neckline. At a minimum, support will be tested below $10K. Look out below! pic.twitter.com/OHNhwsgxxs
— Peter Schiff (@PeterSchiff) 14 August 2022
Turn the tables
Interestingly, BTC’s price drop has not dashed investors’ hopes as there has been a twist to the opinions of bear traders. Chartoday, a top analyst at CryptoQuant, revealed that BTC bullish signs are still very active.
Based on analysis released via the CryptoQuant website, the current macroeconomic conditions could take BTC to $26,000 in the short term.
Although there has been lower demand and negative funding, Chartoday predicts that it will not necessarily result in a BTC price decline.
Additionally, he believes the price could reach as high as $32,000 in the medium term.
But does today’s momentum match the buy signals the analyst mentioned?
Decoding the possibilities
The chances of crossing $25,000 in the short term may have a positive outlook.
According to the last Glass node data, BTC’s active supply over the past five years has just reached an all-time high (ATH) of 24.298%. This recent milestone could be decisive for the CryptoQaunt projection and a possible price increase.
Source: Glassnode
However, the current BTC momentum on the charts reflects that the opportunities for a price increase may not be as soon as investors hope. At press time, the Relative Strength Index (RSI) did not show significant buyer control as it stood at 46.34.
Moreover, the Moving Average Convergence Divergence (MACD) synchronized with the RSI movement as the momentum stayed below the histogram. This attitude signaled that the selling pressure had overpowered the buyers’ control.
Likewise, buying momentum (blue) was below that of sellers (orange).
Source: TradingView
With these conflicting views, a possible hold for BTC in the short term could be between $23,000 and $25,000 and a possible neutral position.
However, this does not negate the perspective of Chartoday, especially as Bollinger Bands (BB) do not show signs of extremely high volatility.
