'To the moon' or 'total crash'? Bitcoin price hits new 4-month highs

1 year ago

Bitcoin (BTC) spiked higher astir the Jan. 17 Wall Street unfastened arsenic tense analysts waited for further cues.

Opinions diverge implicit Bitcoin's fate

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD concisely touching $21,594 connected Bitstamp, marking its highest since Sep. 13.

As bullish impulses continued to deed the chart, reactions stayed blimpish amid an ambiance of suspicion implicit the existent root of Bitcoin’s instrumentality to form.

One specified cautious instrumentality came from Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, who eyed behaviour astir a cardinal exponential moving mean (EMA) crossed crypto.

“Food for thought; Total marketplace capitalization and the altcoin marketplace capitalization are some astatine the 200-day EMA's, portion Bitcoin is hardly breaking it without immoderate volume,” helium noted.

“Markets are bottomed out, astir likely, but gives a question whether we'll beryllium rallying from here.”

Popular trader Crypto Tony meantime advised “patience” erstwhile it came to going agelong BTC aft much than a week of upside.

“Came up to the scope precocious arsenic anticipated yesterday. Today volition beryllium waiting for : - A propulsion supra and a retest to corroborate a harmless agelong presumption portion we are supra - A propulsion supra and a adjacent beneath the scope high. Short trigger,” portion of investigation earlier the unfastened stated.

As Cointelegraph reported, bearish predictions for the aboriginal of BTC terms enactment accompanied each signifier of its surge from its lowest levels successful 2 years, these including a telephone for $12,000 to look next.

Meanwhile, Cointelegraph readers themselves are becoming much optimistic connected Bitcoin’s prospects.

Current responses to our latest Twitter survey favour the gains continuing, with 37% of much than 1,000 users believing Bitcoin is backmost connected its travel “to the moon.”

Another 22%, however, fearfulness existent bullishness turning astir to extremity successful a “total crash.”

What’s your prediction for the marketplace this week?

— Cointelegraph (@Cointelegraph) January 17, 2023

"Is Bitcoin back?"

Elsewhere, on-chain analytics steadfast Glassnode suggested a "wait and see" attack portion discussing however agelong the bully times mightiness last.

In the latest variation of its play newsletter, "The Week On-Chain," researchers eyed cardinal lines successful the soil approaching for profitability versus supply.

Bitcoin's adjusted spent output nett ratio (aSOPR) metric is astir to transverse the 1 enactment from below, marking a imaginable cardinal shift. Should it walk that line, hodlers volition person an aggregate inducement to merchantability portion successful profit, perchance sparking a proviso glut and sending the marketplace little erstwhile more.

Cointelegraph antecedently wrote astir SOPR erstwhile it hit two-year lows successful mid-November.

"With an explosive 23.3% rally to commencement disconnected the year, a wide cross-section of Bitcoin investors (and miners) person seen their nett holdings (and operations) instrumentality to a profit. This reflects the interaction of some beardown terms appreciation, but besides the tremendous measurement of coins that changed hands implicit caller months, resetting their outgo ground lower," Glassnode concluded.

"With aSOPR and the Realized P/L Ratio investigating a break-even worth of 1.0, the trial arsenic to whether the marketplace tin clasp onto these gains becomes the adjacent large question."

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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