Assess Bitcoin’s chances of reaching $32,000 in the short term

  • A recent analysis reveals that the price of BTC could reach $32,000.
  • However, on-chain indicators suggest that BTC’s chart could head in any direction.

Bitcoin [BTC] It continues to push prices upwards, recently surpassing $27,000.On press, BTC is Up 4.5% and trading At $27,331.13, it has a market capitalization of $528 billion.

Thanks to the uptrend, profit trading on the BTC network has more than doubled compared to loss trading since Wednesday.

read bitcoin [BTC] price prediction 2023-24

Bitcoin may hit new highs

BTC is enjoying a bullish rally and the recent analysis A post on CryptoQuant revealed that the rally could continue. CryptoQuant author and analyst Ankaramurka said his study of Bitcoin using the Elliott Wave analysis technique suggests that Bitcoin still has significant potential for price appreciation.

Not only that, but the price rally could continue until BTC hits the $29,200 to $32,300 price range resistance level. This is ambitious. This number may seem high to many, but interestingly enough, quite a few on-chain indicators confirm the upside potential.

for example, Bitcoinof MVRV ratios increased significantly. This is a bullish signal. Negative sentiment around BTC also seems to have decreased. Recently, the number of daily active addresses for BTC has increased.

Source: Santimento

Greedy market?

Interestingly, at the time of writing, Bitcoin scored 64 on the Fear and Greed Index. This shows bullish momentum and suggests further uptrend in the coming days.


Not only that, a crypto analyst named Stockmoney Lizards on Twitter pointed out similarities between BTC’s current and 2019 price behavior.

2019, Bitcoin‘s price recorded a massive gain of over 150% when the chart was similar to today’s chart. Therefore, it seemed likely that BTC would reach a resistance level of around $32,000.

Is Your Portfolio Green?Please Confirm Bitcoin profit calculator

this is the catch

While the aforementioned development creates a strong bullish notion, the actual situation may be slightly different.BQYoutube, analyst and author of CryptoQuant, said: analysis or Bitcoincurrency inflows increased, which was a bearish sign.

As exchange inflow surged, so did the supply of BTC on exchanges. This indicates that selling pressure has built up and could bring a halt to BTC’s bullish rally.

Furthermore, the Relative Strength Index (RSI) for BTC is overbought Selling pressure is likely to increase in the coming days.

Source: CryptoQuant Assess Bitcoin’s chances of reaching $32,000 in the short term

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