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


Bitcoin (BTC) briefly returned to $30,000 earlier than the Could 25 Wall Avenue open as range adherence lingered.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Dealer: BTC ought to problem 2-week highs

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD managing to hit $30,189 on Bitstamp earlier than consolidating again below the $30,000 mark.

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Whereas showing uninspiring at first look, Bitcoin on low timeframes was a supply of contemporary curiosity for Cointelegraph contributor Michaël van de Poppe, who predicted a run to close $33,000 subsequent.

“Bitcoin broke by $29.4K and ran in the direction of the following resistance zone,” he told Twitter followers.

“If we maintain $29.4K, we’ll be good in the direction of $32.8K. Lastly.”

$32,800 would characterize Bitcoin’s highest since Could 9 — simply earlier than the Terra implosion sparked its cascade to ten-month lows.

Fellow dealer Nebraskan Gooner in the meantime eyed a sequence of upper lows on the 4-hour chart, highlighting $30,400 as “the road to beat.”

Metric hints BTC worth “overvalued”

Past intraday worth motion, nevertheless, chilly feat amongst many analysts remained.

Associated: Largest difficulty drop since July 2021 — 5 things to know in Bitcoin this week

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

Designed to catch native tops and bottoms, a spike in NVT Golden Cross, as was occurring on the day, bolstered the concept quantity was not adequate to maintain upwards trajectory.

“We’ve a big change within the NVT Golden Cross indicator the place it has reached its most overvalued place since April final yr earlier than the dip to the June lows,” CryptoQuant contributing analyst Kripto Mevsimi instructed Cointelegraph.

As Cointelegraph reported, forecasts for a generational backside in BTC/USD included as little as $15,500 this week.

A brand new all-time excessive, in the meantime, might need to wait until 2024, when Bitcoin’s subsequent halving cycle begins.

Bitcoin NVT Golden Cross chart. Supply: CryptoQuant

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