This Is Why Bitcoin’s Recovery to $30K Could Take Up to August 22

Key Insights:

• Based on indicators, Bitcoin is set to reach $30k in the next month.

• The investors continue to note losses on their transactions for two months in a row.

• BTC’s market value is not recovering either, though.

When it comes to the crypto market, investors have faith in one coin no matter what happens just because it has more demand in the world than any other asset does.

For the same reason, it is known as the king coin. But over time, the king has been losing its crown not to any other asset but to the bearishness of the market. However, there is a chance it might be able to recover soon.

Bitcoin in a Schedule?

Surprisingly yes. It is not usual for Bitcoin to repeat a pattern within a time span as short as six months, but looking at the current pattern, it seems it might just end up doing so.

The Relative Strength Index (RSI) of Bitcoin is currently on a gradual incline, rising from the bearish zone after being stuck in it since June 17.

After hitting the oversold zone, the RSI has already recovered by more than 50% and is currently lingering around the neutral zone at the 50.0 mark.

The last time growth as such was observed was between January to March this year, when BTC rose from the OS zone to hit the highs in the bullish zone. This took Bitcoin 66 days to achieve back then.

Should the king coin repeat this pattern this time around, it could take up to August 22 to hit the same highs.

Correspondingly, given that the price went up by 32.78% back during those 66 days, if BTC shoots up even remotely close to that, it will end up only close to $23k.

However, the buying pressure BTC would create upon entering the bullish zone would amplify its recovery and push it to the next critical support level, which is at $30,143.

Do the Metrics Support It?

At the moment, looking at Bitcoin’s market value, the chances of a rise to $30k in the next month and week seem bleak since the MVRV ratio is still stuck under the neutral 1.0 mark with no promise of recovery.

Story continues

Secondly, the Spent Output Profit Ratio, which determines the average profit and loss of coins that moved at the current price compared to the price they were bought at, also indicated heavy losses across the board.

Thus once it regains investors’ faith, the recovery to $30k will be much quicker and might even match the date by which RSI hits the bullish highs.

This article was originally posted on FX Empire

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