Bitcoin has seen back-and-forth tendencies since the leading crypto touched $25K on August 15. While investors could have hoped for more upside, that hasn’t been the scenario, and BTC consolidated near $23K support during this publication.
Earlier, markets talked about Bitcoin displaying bearish momentum as the projections appear from unsurprising angles. Extroverted BTC malcontent and economist Peter Schiff claimed that the leading crypto was heading to ruins. He believed the bearish pressure might force BTC to the lows of $10K.
While publishing this post, the leading crypto battled to steady beyond $24K, following brief price actions within the past day. Also, the dominant cryptocurrency noted about a 1% surge within the past seven days.
Turning the Tides
Surprisingly, Bitcoin’s price plunge hasn’t exhausted investor hopes as bear merchants present twisted opinions. CryptoQuant’s top analyst Chartoday stated that Bitcoin’s bullish signals remained intact. The assessment on the CryptoQuant site indicates the present macroeconomic situation might push Bitcoin to $26K in the near term.
Though the marketplace has seen negative funding and lower demand, Chartoday believes that won’t lead to price declines in BTC. Furthermore, he trusts the crypto can explore the highs of $32K in the short-medium term. However, does the prevailing momentum match the buying signs the analyst highlighted?
Evaluating the Possibilities
The probability of overcoming $25K in the near term could present an optimistic picture. The recent data from Glassnode shows Bitcoin’s active supply within the last five years hit an all-time peak of 24.298%. The latest milestone might be crucial to the prediction by CryptoQuant and potential price surges.
Nevertheless, the present Bitcoin momentum on its price charts indicates the upward chances might not be as early as investors hope. While writing this post, the RSI (Relative Strength Index) didn’t reflect significant buyer superiority, reading 46.34.
Moreover, the MACD (moving average convergence divergence) matched the RSI action as the momentum stayed beneath the histogram. Such a stance suggested that the seller momentum had outshined buyer control. Also, the buying pressure remained beneath sellers.’
Considering these contrasting standpoints, a likely BTC holds in the near term could be between $23K – $25K and a potential neutral level. Nevertheless, that doesn’t disprove Charoday’s perspective, especially as the BB doesn’t present extremely high volatility signals.
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