back and forth – this has been the speed Bitcoin [BTC] As it reached $25,000 on August 15th. While investors may expect further upside gains, it is unlikely that BTC has consolidated near the $23,800 support level.
Earlier, there was talk of BTC showing bearish momentum as these projections came from surprising corners.
Economist and extroverted bitcoin rebel Peter Schiff said the number one cryptocurrency was on its way to ruin. According to him, bearish momentum will take BTC to $10,000.
According to CoinMarketCap, BTC was holding At $24,000, down 0.25% over the past 24 hours.
Crypto King also registered a growth of less than 1% over the past seven days.
just to put #bitcoin Rally in perspective, take a look at this chart. The pattern is very bearish. There is both a double top and a head and shoulder top. A raised nail is forming under the neckline. The least support will be tested below $10K. look out below! pic.twitter.com/OHNhwsgxxs
— Peter Schiff (@PeterSchiff) 14 August 2022
turning tables
Interestingly, the BTC price drop has not broken investor expectations as there has been a turning point in the opinion of bear traders. Chartoday, a top analyst at Cryptoquant, revealed that BTC bullish signals are still very active.
based on analysis Released via the Cryptoquant website, the current macroeconomic situation could take BTC to $26,000 in the near term.
Although there has been low demand and negative funding, ChartDay predicts that this will not necessarily lead to a decline in the price of BTC.
Additionally, he thinks the price could reach $32,000 in the medium term.
But is the current momentum in line with the buy signals reported by the analyst?
decoding the possibilities
Chances of crossing $25,000 could be a positive outlook in the near term.
as per latest glassnode Data, the active supply of BTC reached an all-time high (ATH) of 24.298% over the past five years. This recent milestone could be significant for the cryptocurrency launch and a Possible price hike.
However, the current BTC momentum on the chart indicates that the upside potential for the price may not be as expected from investors. At press time, the Relative Strength Index (RSI) did not show enough buyer control as it stood at 46.34.
Additionally, the Moving Average Convergence Divergence (MACD) became in sync with the RSI movement as the momentum remained below the histogram. This stance indicated that seller pressure had overcome buyers’ control.
Similarly, buying momentum (blue) remained below sellers (orange).
With these contrasting views, BTC could potentially hold between $23,000 and $25,000 in the near-term and a potentially neutral position.
However, this does not negate the perspective of ChartDay, especially when the Bollinger Bands (BB) do not show signs of extremely high volatility.