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Bitcoin is expected to ‘eventually’ reach $ 32,800 due to the overestimation of the BTC Long Term Price

Bitcoin is expected to 'eventually' reach $ 32,800 due to the overestimation of the BTC Long Term Price

Bitcoin (BTC) rallied to $ 30,000 ahead of the opening of Wall Street on May 25 as range membership continues.

One hour candle chart of the BTC / USD (Bitstamp) pair. Source: Trade View

Trader: BTC set to challenge 2 week highlights

According to data from Cointelegraph Markets Pro and TradingView, the pair managed to hit BTC / USD $ 30,189 on Bitstamp before consolidating below $ 30,000.

While seemingly uninspiring at first glance, bitcoin on low time frames is a new topic of interest for Cointelegraph contributor Michaël van de Poppe, who predicted a subsequent run towards nearly $ 33,000.

“Bitcoin broke through $ 29,400 and ran towards the next resistance zone,” he said. declared for his Twitter followers.

“If we keep $ 29,400, we will finally be ready to raise $ 32,800.”

$ 32,800 is the highest level for bitcoin since May 9 – just before Terra’s implication triggered its cascade to a ten – month low.

Meanwhile another trader, Nebraskan Gooner, saw a series of bigger lows on the 4-hour chart, pointing to $ 30,400 as “the line to beat”.

#Bitcoin
Very interesting …
$ 30,400 per line to cross now. pic.twitter.com/8T7Iw1b62q
– Nebraskaangooner (@Nebraskangooner) May 24, 2022

Indicator suggests BTC Price is “Overvalued”

However, after the intraday price change, many analysts continued to show a certain coldness.

SEE ALSO: Biggest difficulty drop since July 2021 – 5 things to know about bitcoin this week

For CryptoQuant chain analysis platform, worrying signals from the Golden Cross network transaction value (NVT) indicator suggested that a withdrawal was imminent.

Designed to capture local highs and lows, the NVT Golden Cross spike, as it happened that day, reinforced the idea that there was not enough volume to keep the path up.

“We have significantly changed the NVT Golden Cross indicator, which reached its most valuable position since April last year, ahead of the fall to June,” Kripto Mevsimi told Cointelegraph.

As Cointelegraph reported, the generation – based projections for the BTC / USD pair included a level as low as $ 15,500 this week.

Meanwhile, a new full-time high may have to wait until 2024 when the next bitcoin expansion begins.

NVT Golden Cross Bitcoin Chart. Source: CryptoQuant

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. All investments and trades involve risk. You should do your own research before making a decision.

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