- A recent analysis revealed the possibility of the price of BTC touching $32,000.
- However, the on-chain metrics suggest that BTC’s chart can go in any direction.
Bitcoin [BTC] continues to push its price higher and it even recently crossed the $27,000 mark. At press time, BTC was up 4.5% and was trading at $27,331.13 with a market cap of $528 billion.
Thanks to the uptrend, profit trades have more than doubled from loss trades on the BTC network since Wednesday.
🤑 With #Bitcoins jumping above $27,000 for the first time since June 12, there are 2.4 times more profit trades than loss trades on the $BTC network since Wednesday. The markets are highly polarized with #FOMO and let go of the fears that occur simultaneously. https://t.co/riPv1JYnfg pic.twitter.com/AsZ3485KDR
— Santiment (@santimentfeed) March 17, 2023
Read Bitcoins [BTC] Price prediction 2023-24
Bitcoin can reach new heights
BTC has enjoyed its bullish rally, and a recent analysis published on CryptoQuant revealed that the rally may continue. Ankaramurka, author and analyst at CryptoQuant, mentioned that a look at Bitcoin using the Elliott Waves analysis technique suggests that Bitcoin still has great potential for a price increase.
Not only that, but the price rally may continue until BTC hits the resistance level in the $29,200-$32,300 price range, which looks ambitious. Although the figure may seem high to many, it is interesting to note that many on-chain metrics have supported the possibility of a slight increase.
For example, BTCThe MVRV ratio was significantly up, which was a bullish signal. Negative sentiments around BTC also seemed to have diminished. BTC’s daily active addresses have been increasing lately.
Source: Santiment
A gourmet market?
Interestingly, Bitcoin’s Fear and Greed Index had a score of 64, at press time. This indicated bullish momentum and suggested a new uptrend in the next few days.
Source: Alternative.me
Not only that, a crypto analyst by the name of Stockmoney Lizards on Twitter, pointed out the similarities between BTC’s current price action and that of 2019.
In 2019, BTCThe price of recorded a massive rally of more than 150% while its chart was similar to today’s. Therefore, the possibility of BTC reaching a resistance level around $32,000 seemed likely.
This bullfight has become unstoppable pic.twitter.com/7O3tNPT1bx
— Stockmoney Lizards (@StockmoneyL) March 18, 2023
Is your wallet green? Check the Bitcoin Profit Calculator
here is the trap
While the aforementioned developments give rise to a strong bullish notion, things on the ground may be a bit different. BQYoutube, an analyst and author at CryptoQuant, revealed in a analysis This BTCForeign exchange inflow was increasing, which was a bearish sign.
As the influx of exchanges increased, the supply of BTC on exchanges also increased. This indicated that there was an increase in selling pressure, which could cause the BTC bullish rally to stop.
Additionally, BTC’s Relative Strength Index (RSI) was in a overbought position, further increasing the chances of higher selling pressure in the coming days.
Source: CryptoQuant
