Back and forth – that was the momentum of Bitcoin [BTC] since it hit $25,000 on August 15. While investors may have hoped for further gains, BTC has not consolidated around the $23,800 support level.
Previously, there was talk of BTC exhibiting bearish momentum as these projections came from unsurprising quarters.
Economist and extrovert Bitcoin revolt Peter Schiff stated that the number one cryptocurrency was headed for ruins. According to him, the bearish momentum would take BTC to $10,000.
According to CoinMarketCap, BTC was to hold at $24,000 with a 0.25% drop in the past 24 hours.
The crypto king also registered a rise of less than 1% in the past seven days.
Just for the #Bitcoin take a look at this chart. The pattern remains very bearish. There is both a double top and a head and shoulders top. A rising wedge forms below the neckline. Support is tested at least below $10K. Watch out Downstairs! pic.twitter.com/OHNhwsgxxs
— Peter Schiff (@PeterSchiff) August 14, 2022
Reverse the roles
Interestingly, BTC’s price drop has not shattered investors’ hopes as bear traders’ opinions have changed. Chartoday, a top analyst at CryptoQuant, revealed that BTC’s bullish signs are still very active.
Based on the analysis released via the CryptoQuant website, current macroeconomic conditions could push BTC to $26,000 in the near term.
While there has been lower demand and negative funding, Chartoday predicts that this will not necessarily lead to a fall in BTC’s price.
In addition, he thinks the price could reach $32,000 in the medium term.
But does the current momentum match the buy signals the analyst mentioned?
Decoding the possibilities
The odds of crossing $25,000 in the near term may have a positive outlook.
According to the latest glass node data, BTC’s active supply just hit a record high (ATH) of 24.298% in the past five years. This recent milestone could be critical to the CryptoQaunt projection and a possible price increase.
However, the current BTC momentum in the charts indicates that the opportunities for price increases may not be as fast as investors hope. At the time of writing, the Relative Strength Index (RSI) showed no substantial buyer control as it stood at 46.34.
Also, the moving average convergence divergence (MACD) synchronized with the RSI movement while the momentum remained below the histogram. This attitude indicated that seller pressure had overwhelmed buyers’ control.
Similarly, buying momentum (blue) was lower than that of sellers (orange).
With these opposing views, a possible near-term hold for BTC could be between $23,000 and $25,000 and a possible neutral position.
However, this does not detract from Chartoday’s perspective, especially since the Bollinger Bands (BB) are showing no signs of extremely high volatility.