Bitcoin 'finally' due for $32.8K as long-term BTC price metric flashes overvalued

2 years ago

Bitcoin (BTC) concisely returned to $30,000 earlier the May 25 Wall Street unfastened arsenic range adherence lingered.

Trader: BTC should situation 2-week highs

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD managing to deed $30,189 connected Bitstamp earlier consolidating backmost nether the $30,000 mark.

While appearing uninspiring astatine archetypal glance, Bitcoin connected debased timeframes was a root of caller involvement for Cointelegraph contributor Michaël van de Poppe, who predicted a tally to adjacent $33,000 next.

“Bitcoin broke done $29.4K and ran towards the adjacent absorption zone,” helium told Twitter followers.

“If we clasp $29.4K, we'll beryllium bully towards $32.8K. Finally.”

$32,800 would correspond Bitcoin’s highest since May 9 — conscionable earlier the Terra implosion sparked its cascade to ten-month lows.

Fellow trader Nebraskan Gooner meantime eyed a bid of higher lows connected the 4-hour chart, highlighting $30,400 arsenic “the enactment to beat.”

— Nebraskangooner (@Nebraskangooner) May 24, 2022

Metric hints BTC terms "overvalued"

Beyond intraday terms action, however, acold feat among galore analysts remained.

For on-chain analytics level CryptoQuant, concerning signs from the web transaction worth (NVT) Golden Cross metric suggested a retracement was incoming.

Designed to drawback section tops and bottoms, a spike successful NVT Golden Cross, arsenic was occurring connected the day, reinforced the thought that measurement was not capable to prolong upwards trajectory.

“We person a important alteration successful the NVT Golden Cross indicator wherever it has reached its astir overvalued presumption since April past twelvemonth earlier the dip to the June lows,” CryptoQuant contributing expert Kripto Mevsimi told Cointelegraph.

As Cointelegraph reported, forecasts for a generational bottommost successful BTC/USD included arsenic debased arsenic $15,500 this week.

A caller all-time high, meanwhile, mightiness person to wait until 2024, erstwhile Bitcoin's adjacent halving cycle begins.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

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