On August 15, the Bitcoin price touched $25,000 before sliding down towards the $24,000 range. Since then, the flagship currency has been facing a ‘pendulum’ price action movement. While market participants remain hopeful of an uptrend, the price stands on shaky grounds at the moment.
Previously, Bitcoin critic Peter Schiff had predicted that the flagship currency was about to crash because he believed that the bearish market would pull down BTC all the way to the $10,000 level.
At the moment, Bitcoin is selling at $23,711, with a gain of 1.62% over the last 24hrs.
Despite the Bitcoin price facing a downward trend, the investors and traders are still hopeful for a bull run. One of the analysts at CryptoQuant, Chartoday, believes that the asset’s bullish indications appear active.
He predicts that with the ongoing macroeconomic situation, the Bitcoin price could be pulled down initially around $26,000, but then there will be a massive surge towards $32,000.
Bitcoin’s Active Supply Hit ATH
If the current price trend is considered, it is very likely that Bitcoin may indeed surpass the $25,000 mark due to its active supply.
The recent reports from Glassnode reveal that in the last five years, Bitcoin’s active supply has reached an all-time high (ATH) of 24.298%. This action could act as fuel for Bitcoin’s price surge.
On the other hand, the RSI is acting as a dampner to the spirits of the investors. Currently, the Relative Strength Index (RSI) is not flashing notable buyer control as it is now positioned at 46.34.
Meanwhile, the Moving Average Convergence Divergence (MACD) associated with the RSI is below the expected action. This points towards the fact that selling pressure has overtaken buyers’ control.
In a nutshell, with these contradictory signs, Bitcoin’s price action in the short term might remain between $23,000-$25,000.
Was this writing helpful?
Source: https://coinpedia.org/bitcoin/bitcoin-price-to-rise-or-fall-market-participants-torn-over-anticipated-price-movement/